Guidance on section 76A (as inserted by the Finance Act 2005) of the Taxes Consolidation Act 1997.

The Finance Act 2005 introduced rules to deal with the implications of the move by companies to International Financial Reporting Standards (IFRS). Notes for Guidance on the new rules were published in the summer of 2005. More detailed Notes for Guidance were published in December 2005. This was published in electronic form only and can be found on the Revenue website in the Notes for Guidance on the Taxes Consolidation Act 1997. Guidance on further aspects of moving to IFRS is now being prepared in consultation with representative bodies.

It has come to Revenue's attention that one paragraph of the guidance on section 76A (as inserted by the Finance Act 2005) of the Taxes Consolidation Act 1997 was inconsistent with the balance of the guidance published and as a result may have been a source of some confusion. The paragraph concerned was under “Summary” and began “In the unlikely event”. The full text of the paragraph has now been deleted from the guidance. Accordingly, that text no longer forms part of Revenue's Notes for Guidance and is not relevant to the guidance set out in those notes.

The Notes for Guidance can be found by clicking here.

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