Loss relief for self-employed (Section 10)

Jul 27, 2020

Self-employed individuals carrying on a trade or profession who were profitable in 2019 but, because of the COVID-19 pandemic, incur losses in 2020 can claim to have losses of up to €25,000 carried back for offset against their 2019 profits.  The relief can also be claimed on an interim basis during 2020. Farmers who incur a loss in 2020 may opt to step out of income averaging for the tax year 2020.