Taxes Consolidation Act, 1997 (Number 39 of 1997)

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CHAPTER 4A

Limits on certain losses

409F Interpretation and general (Chapter 4A).

(1) This Chapter applies notwithstanding any other provision of the Tax Acts.

(2) In this Chapter—

“active partner” has the same meaning as in section 409A;

“active trader” has the same meaning as in section 409D; “area-based capital allowance” means any allowance made under Chapter 1 of Part 9 as that Chapter is applied—

(a) by section 323, 331, 332, 341, 342, 343, 344, 352, 353, 372C, 372D, 372M, 372N, 372V, 372W, 372AC or 372AD for a chargeable period, or

(b) by virtue of paragraph 11 of Schedule 32 for a chargeable period,

including any such allowance made for a previous chargeable period and carried forward from that previous chargeable period in accordance with Part 9;

“balancing allowance” means any allowance made under section 274;

“capital allowance” means any allowance, or part of any allowance, specified in the definition of “specified capital allowance” or “area-based capital allowance”;

“chargeable period” has the same meaning as in section 321 and a reference to a chargeable period or its basis period shall be construed in accordance with subsection (2) of that section;

“relevant day” shall be read in accordance with subsection (3);

“relevant interest” has the same meaning as in section 269;

“residue of expenditure” shall be construed in accordance with section 277;

“specified amount of rent”, in relation to a building or structure and a person for a chargeable period, means the amount of the surplus in respect of the rent from the building or structure to which the person becomes entitled for the chargeable period, as computed in accordance with section 97(1);

“specified capital allowance” means any specified relief that is—

(a) a writing down allowance made for a chargeable period,

(b) a balancing allowance made for a chargeable period, or

(c) an allowance made under Chapter 1 of Part 9 as that Chapter is applied by section 372AX, 372AY, 843 or 843A for a chargeable period,

including any such allowance or part of such allowance made for a previous chargeable period and carried forward from that previous chargeable period in accordance with Part 9;

“specified relief” has the same meaning as in section 485C;

“tax year” means a year of assessment;

“writing down allowance” means any allowance made under section 272 and includes any such allowance as increased under section 273.

(3) The Minister for Finance may by order appoint a day (in this Chapter referred to as the “relevant day”) to be the day on which this Chapter comes into effect, which day shall not in any case be earlier than 60 days after the publication of the impact assessment referred to in page B.8 of the Summary of 2011 Budget measures published by the Department of Finance on 7 December 2010.

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CHAPTER 4A

Termination of carry forward of certain losses

409F Interpretation and general (Chapter 4A).(1) This Chapter applies notwithstanding any other provision of the Tax Acts.
(2) In this Chapter—
“active partner” has the same meaning as in section 409A;
“active trader” has the same meaning as in section 409D;
“area-based capital allowance” means any allowance, or part of such allowance, made under Chapter 1 of Part 9 as that Chapter is applied—
(a) by section 323, 331, 332, 341, 342, 343, 344, 352, 353, 372C, 372D, 372M, 372N, 372V, 372W, [3]>372AC or 372AD<[3][4]>[3]>372AC, 372AD or 372AAC<[3]<[4][4]>372AC, 372AD, 372AAC or 372AAD<[4] for a chargeable period, or
(b) by virtue of paragraph 11 of Schedule 32 for a chargeable period,
including any such allowance, or part of any such allowance, made for a previous chargeable period and carried forward from that previous chargeable period in accordance with Part 9;
“balancing allowance” and “balancing charge” mean any allowance or charge, as the case may be, made under section 274;
“capital allowance” means any allowance, or part of such allowance, specified in the definition of ‘area-based capital allowance’ or ‘specified capital allowance’;
“chargeable period” has the same meaning as in section 321 and a reference to a chargeable period or its basis period shall be construed in accordance with subsection (2) of that section;
“relevant accounting period” means the later of— 
(a) the accounting period which begins immediately after the accounting period in which the tax life of the building or structure has ended, or
(b) the accounting period, or the first accounting period if there are more than one, ending in 2015;
“relevant chargeable period” means the later of—
(a) the chargeable period which begins immediately after the chargeable period in which the tax life of the building or structure has ended, or
(b) the chargeable period, or the first chargeable period if there are more than one, ending in 2015; 
“relevant tax year” means the later of—
(a) the tax year which begins immediately after the tax year in which the tax life of the building or structure has ended, or 
(b) the tax year 2015;
“specified capital allowance” means any specified relief that is—
(a) a writing down allowance or a balancing allowance made for a chargeable period, or
(b) an allowance, or part of such allowance, made under Chapter 1 of Part 9 as that Chapter is applied by section 372AX, 372AY, 843 or 843A for a chargeable period,
including any such allowance or part of such allowance made for a previous chargeable period and carried forward from that previous chargeable period in accordance with Part 9; 
“specified relief” has the same meaning as in section 485C;
“tax life”, in relation to a building or structure, means the appropriate period referred to in section 272(4) in respect of that building or structure, after the end of which period no capital allowance may be made following the disposal of the relevant interest (within the meaning of section 269) in that building or structure;
“tax year” means a year of assessment;
“writing down allowance” means any allowance made under section 272 and includes any such allowance as increased under section 273.