Revenue has issued a reminder on the termination of the carry-forward of certain unused property-based capital allowances where the “tax life” of the relevant building or structure has ended.

This measure came into effect from 1 January 2015. When completing the Form 11 or CT1 for 2014, taxpayers and agents are reminded that the amount carried forward from 2014 should be adjusted to exclude any building or structure whose “tax life” is due to end later than 2014 or prior years where such a restriction applies.

Further information can be found in Revenue eBrief 41/16 which is set out here.