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

High Income Earners Restriction, tax reliefs, allowances and deductions

According to Revenue a number of claims have been received for repayment of tax, for individuals who are affected by the High Income Earners Restriction. The claims arise from a misunderstanding of the order of offset of reliefs for individuals.

Revenue has issued a manual which outlines how the four main reliefs claimed by High Income Earner Individuals interact: Case V capital allowances, Case V losses, Case I / II capital allowances and Case I / II losses. Similar principles can be applied in order to determine whether other reliefs are claimed before or after these reliefs.

Revenue has also identified a number of taxpayers who did not complete the Form RR1, based on the same misunderstanding. The Form RR1 for the 2015 is now available from the Revenue website.