TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Amendments to Relief for Interest in Partnerships

Revenue have published an eBrief on the amendments made to section 253 TCA 1997 by Finance (No.2) Act 2013, which provides tax relief to individuals for interest on money borrowed to acquire a share in a partnership or to contribute or advance money to a partnership.

Section 3 Finance (No.2) Act 2013 abolished relief in respect of all loans made after 15 October 2013 unless the loan replaces an existing qualifying loan and the replacement loan does not exceed the balance and term of the existing loan. Relief for loans made before that date will be phased out over the tax years 2014, 2015 and 2016. No relief will be available after 1 January 2017.

Revenue eBrief No. 23/14 confirms the amendments made by section 3 Finance (No.2) Act 2013.