Revenue published the COVID-19 Support Schemes preliminary statistics as at 24 June 2021. Information on the temporary acceleration of loss relief is included in the statistics, along with the latest information on the Employment Wage Subsidy Scheme (EWSS) and the Covid Restrictions Support Scheme (CRSS).
Temporary acceleration of loss relief
Section 396D TCA 1997 provides for a temporary acceleration of corporation tax loss relief for accounting periods affected by the COVID-19 pandemic and related restrictions. It allows companies to estimate their trading losses for certain accounting periods and to carry back up to 50 percent of those losses against chargeable profits of the preceding accounting period on an accelerated basis.
There have been 237 claims for accelerated corporation tax loss relief to the end of May 2021. The total amount of losses claimed amounts to €475 million, with a tax cost of €70 million. The average amount of accelerated losses claimed by companies with trading losses amounts to €68,000.
Section 10 of the Financial Provisions (Covid-19) (No. 2) Act 2020 provides for temporary income tax measures to assist self-employed individuals who have been adversely impacted by the COVID-19 restrictions. Self-employed individuals can claim to have their losses and certain unused capital allowances carried back and deducted from their profits for the preceding tax year of assessment. A €25,000 limit on the total amount that may be carried back applies.
There have been 334 claimants for the accelerated loss relief for self-employed individuals. The tax amount of all claims for losses and capital allowances amounts to €3.65 million.
CRSS
There are currently 22,700 businesses with 26,800 premises registered for the CRSS with Revenue. There have been 6,700 premises claims from 31 May onwards, 3,400 of these premises have claimed for enhanced restart payments.
EWSS
In June to date, €265.1 million EWSS payments were made to 27,300 employers, supporting 279,600 jobs. The total EWSS payments to date amount to €3.6 billion.
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