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Irish Income Tax: 2014

4.401: Loss relief: introduction

In 4.4: Relief for Trading Losses

Irish Income Tax: 2014

Purcell McQuillan
Bloomsbury Professional
Publication Date:
Law As Stated At:
1 January 2014
The rules for providing relief for the tax losses and unused capital allowances of a trade or profession outlined in 4.4 are those applicable under the current year basis of assessment. The Sch D Case I or Case II computation for one or more periods of account may result in an adjusted loss (referred to herein as a ‘tax loss’). As with taxable profits, the tax loss is the figure resulting from the computation for the period of account before any capital allowances or balancing charges are taken into account. Capital allowances are then considered separately from tax losses for the purposes of the various forms of relief for losses, etc discussed herein. If the period of account in which there is a tax loss forms the whole of the basis period for a year of assessment, this results in a ‘Nil’ Sch D Case I or Case II assessment ...
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