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

Company charge to Income Tax on loans to participators

Revenue’s close company guidance has been updated to include some anti-avoidance provisions along with changes made by Finance Act 2018 to section 438A TCA 1997.

Section 438A TCA 1997 is an anti-avoidance provision which extends the scope of the close company provisions to charge income tax under section 438 TCA 1997 on loans made by a company which is controlled by, or which subsequently comes under the control of, a close company, where such loans would otherwise not give rise to a charge under section 438.

Finance Act 2018 inserted a new provision into section 438A TCA 1997 to ensure that certain tax avoidance arrangements, not currently caught by the provisions, will fall within the scope of the section 438 charge.