Revenue published a response to the public consultation on the Tax Implications of Appointing Receivers started in July 2012. In the response document, Revenue set out their proposed approach in relation to the direct tax aspects of receiverships. A standard approach is being advocated to apply irrespective of the income type or the type of borrower.

Interested parties are invited to respond to Revenue's proposed approach outlined in the response document, on the accompanying draft of the legislation and on a further set of consultation questions set out in the response document. The response document and relevant supporting documents are available from the Department of Finance website.

Chartered Accountants Ireland, as a member of CCAB-I is considering the response from Revenue and will respond accordingly to the invitation for further comment.

The CCAB-I submission on the tax treatment of receivers under the consultation as initiated last year is published on the Chartered Accountants Ireland website.