TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

Revenue eBrief No. 54/16 Restrictions on income tax loss relief

Individuals who incur a current year loss in a trade or profession can claim relief for that loss under section 381 of the taxes Consolidation Act (TCA) 1997.

Section 11(1) Finance Act 2014 introduced two new provisions which restrict the relief available to an individual under section 381 TCA where the loss arises from a passive trade or from a tax avoidance arrangement.

Revenue has issued a new Tax and Duty Manual which details the relief available for losses sustained by an individual in the course of a trade/profession and also sets out the various restrictions which can apply to such a loss.

Source: Revenue Commissioners. www.revenue.ie. Copyright Acknowledged.