Links from Section 399 | ||
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Act | Linked to | Context |
Taxes Consolidation Act, 1997 |
399 Losses in transactions from which income would be chargeable under Case IV or V of Schedule D. |
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Taxes Consolidation Act, 1997 |
(1) (a) Where in any accounting period a company incurs a loss in a transaction in respect of which the company is within the charge to corporation tax under Case IV of Schedule D, the company may claim to set the loss off against the amount of any income arising from such transactions in respect of which the company is assessed to corporation tax under that Case for the same or any subsequent accounting period, and the company’s income in any accounting period from such transactions shall then be treated as reduced by the amount of the loss, or by so much of that amount as cannot be relieved under this section against income of an earlier accounting period. |
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Taxes Consolidation Act, 1997 |
(2) (a) Where in any accounting period a company is within the charge to corporation tax under Case V of Schedule D and the aggregate of the deficiencies, computed in accordance with section 97(1), exceeds the aggregate of the surpluses as so computed, the excess may, on a claim being made in that behalf, be deducted from or set off, as far as may be, against the amount of any income in respect of which the company is assessed to corporation tax under Case V of Schedule D for previous accounting periods ending within the time specified in subsection (3), and, subject to that subsection and to any relief for an earlier excess of deficiencies, that income of any of those periods shall then be treated as reduced, as far as may be, by the amount of the excess, and any portion of the excess for which relief is not so given shall be set off against the income in respect of which the company is assessed to corporation tax under Case V of Schedule D for any subsequent accounting period. |
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Taxes Consolidation Act, 1997 |
(2) (a) Where in any accounting period a company is within the charge to corporation tax under Case V of Schedule D and the aggregate of the deficiencies, computed in accordance with section 97(1), exceeds the aggregate of the surpluses as so computed, the excess may, on a claim being made in that behalf, be deducted from or set off, as far as may be, against the amount of any income in respect of which the company is assessed to corporation tax under Case V of Schedule D for previous accounting periods ending within the time specified in subsection (3), and, subject to that subsection and to any relief for an earlier excess of deficiencies, that income of any of those periods shall then be treated as reduced, as far as may be, by the amount of the excess, and any portion of the excess for which relief is not so given shall be set off against the income in respect of which the company is assessed to corporation tax under Case V of Schedule D for any subsequent accounting period. |
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Taxes Consolidation Act, 1997 |
(2) (a) Where in any accounting period a company is within the charge to corporation tax under Case V of Schedule D and the aggregate of the deficiencies, computed in accordance with section 97(1), exceeds the aggregate of the surpluses as so computed, the excess may, on a claim being made in that behalf, be deducted from or set off, as far as may be, against the amount of any income in respect of which the company is assessed to corporation tax under Case V of Schedule D for previous accounting periods ending within the time specified in subsection (3), and, subject to that subsection and to any relief for an earlier excess of deficiencies, that income of any of those periods shall then be treated as reduced, as far as may be, by the amount of the excess, and any portion of the excess for which relief is not so given shall be set off against the income in respect of which the company is assessed to corporation tax under Case V of Schedule D for any subsequent accounting period. |
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Taxes Consolidation Act, 1997 |
(a) pursuant to section 25(2A), comes within the charge to corporation tax under Case V of Schedule D on 1 January 2022, |
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Taxes Consolidation Act, 1997 |
(a) pursuant to section 25(2A), comes within the charge to corporation tax under Case V of Schedule D on 1 January 2022, |
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Taxes Consolidation Act, 1997 |
(2) (a) Where in any accounting period a company is within the charge to corporation tax under Case V of Schedule D and the aggregate of the deficiencies, computed in accordance with section 97(1), exceeds the aggregate of the surpluses as so computed, the excess may, on a claim being made in that behalf, be deducted from or set off, as far as may be, against the amount of any income in respect of which the company is assessed to corporation tax under Case V of Schedule D for previous accounting periods ending within the time specified in subsection (3), and, subject to that subsection and to any relief for an earlier excess of deficiencies, that income of any of those periods shall then be treated as reduced, as far as may be, by the amount of the excess, and any portion of the excess for which relief is not so given shall be set off against the income in respect of which the company is assessed to corporation tax under Case V of Schedule D for any subsequent accounting period. |
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Taxes Consolidation Act, 1997 |
(b) was entitled, prior to that date, under section 384(2), to carry forward an excess to a year of assessment subsequent to the year of assessment in which the excess arose, and |
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Taxes Consolidation Act, 1997 |
(c) an amount of that excess has not, on 1 January 2022, been deducted or set off under section 384(2), |
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Taxes Consolidation Act, 1997 |
(ii) section 384(2) shall not apply to the amount of excess to which subsection (2) shall apply in accordance with paragraph (i). |
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Taxes Consolidation Act, 1997 |
(b) Where a company sustains a loss in a transaction which, if profit had arisen from it, would be chargeable to tax by virtue of subsection (3) or (4) of section 814, then, if the company is chargeable to tax in respect of the interest payable on the amount of money the right to which has been disposed of, the amount of that interest shall be included in the amounts against which the company may claim to set off the amount of its loss under this subsection. |
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Links to Section 399 (from within TaxSource Total) | ||
Act | Linked from | Context |
Taxes Consolidation Act, 1997 |
(a) any claim in respect of the chargeable period under section 308(4), 396(2), 396A(3) or 399(2) shall be so restricted that the amount by which the company’s profits of that or any other chargeable period are to be reduced by virtue of the claim shall be 50 per cent of the amount it would have been if this section had not been enacted, |
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Taxes Consolidation Act, 1997 |
(4) (a) Subject to paragraph (b), where a company incurs a loss in an accounting period arising from a leasing activity in respect of which the company is within the charge to corporation tax under Case IV of Schedule D and makes a claim under section 399(1) to set that loss off against the amount of any income arising from such activities in respect of which the company is assessed to corporation tax under that Case for the same or any subsequent accounting period, the amount (which may be nil) of any set-off due to the company against that income in an accounting period shall— |
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Taxes Consolidation Act, 1997 |
(2) Notwithstanding sections 383 and 399(1), the amount of any income of a person which is within the charge to tax under Case IV of Schedule D, and which is income arising from petroleum activities, shall not be reduced by the amount of any loss which may be relieved under section 383 or 399(1), other than a loss incurred in petroleum activities, and the amount of any loss so incurred shall not be treated under either of those sections as reducing the amount of any income other than income arising from petroleum activities. |
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Taxes Consolidation Act, 1997 |
(2) Notwithstanding sections 383 and 399(1), the amount of any income of a person which is within the charge to tax under Case IV of Schedule D, and which is income arising from petroleum activities, shall not be reduced by the amount of any loss which may be relieved under section 383 or 399(1), other than a loss incurred in petroleum activities, and the amount of any loss so incurred shall not be treated under either of those sections as reducing the amount of any income other than income arising from petroleum activities. |
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Taxes Consolidation Act, 1997 |
(3) Section 399 shall not be taken as applying to a loss sustained by a company on its general annuity business or pension business. |
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Taxes Consolidation Act, 1997 |
(b) where the person is a company, under section 396 or 399. |
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Taxes Consolidation Act, 1997 |
(b) where the person is a company, under
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Taxes Consolidation Act, 1997 |
(5) Where a person sustains a loss in a transaction which if profits had arisen from it would be chargeable to tax by virtue of subsection (3) or (4), then, if the person is chargeable to tax under Schedule C or D in respect of the interest payable on the amount of money the right to which has been disposed of, the amount of that interest shall be included in the amounts against which the person may claim to set off the amount of the loss under section 383 or 399, as the case may be. |
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Taxes Consolidation Act, 1997 |
(b) where there is an insufficiency of such profits, to create a loss or excess in an accounting period subsequent to the first-mentioned accounting period and relief for that loss or excess shall be given in accordance with section 31, 396(1) or 399, as the case may be, and sections 397, 400 and 401 shall apply to that loss. |
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Taxes Consolidation Act, 1997 |
(c) offsetting a lower amount of loss or excess against its income under section 396(1), 399(1) or 399(2) than would have been offset, |
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Taxes Consolidation Act, 1997 |
(c) offsetting a lower amount of loss or excess against its income under section 396(1), 399(1) or 399(2) than would have been offset, |
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Taxes Consolidation Act, 1997 |
(8) Subject to subsections (9), (10), (15) and (16), where subsection (7) applies, a relevant entity’s deemed borrowing cost shall be treated as a loss or excess incurred in the first-mentioned accounting period (to the extent such a loss or excess would have arisen but for this Part) and relief for that loss or excess shall be given in accordance with section 31, 396(1) or 399, as the case may be, and sections 397, 400 and 401 shall apply to the amount of deemed borrowing cost referred to in subsection (7) in the same manner as they apply to a loss. |
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Taxes Consolidation Act, 1997 |
(a) any relief for losses, or excesses, as the case may be, carried forward from a previous accounting period under section 396(1), 399(1) or 399(2), |
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Taxes Consolidation Act, 1997 |
(a) any relief for losses, or excesses, as the case may be, carried forward from a previous accounting period under section 396(1), 399(1) or 399(2), |
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Taxes Consolidation Act, 1997 |
(b) any relief for losses or excesses, as the case may be, carried back from a subsequent accounting period under section 396(2), 396A(3), 396B(3), 397(1) or 399(2), or |