Revenue Guidance on Foreign Trades & Professions
Revenue have set out their position in Tax Manual 4-09-02 on when the profits of a trade or profession carried on abroad by an individual should be taxed under Case I / II of Schedule D and when the profits should be taxed under Case III of Schedule D. Tax Manual 4-09-02 provides guidance on the tax treatment of foreign gains or possessions, and also the relief available for losses incurred in such trades.