Revenue publishes guidance on Finance Act 2017 changes to Section 247 TCA 1997

Mar 25, 2019

Revenue’s guidance has been updated to reflect Finance Act 2017 amendments to section 247 TCA 1997.  Revenue also published a new Tax and Duty Manual that provides guidance on the recovery of capital rules contained in section 249 TCA 1997.

Section 247 TCA 1997 was amended to allow relief for interest on a loan used to acquire, or in certain circumstances lend to, a holding company that indirectly holds shares in a trading company, through one or more intermediate holding companies.  According to Revenue, the amendments put an administrative practice into legislation.  Read Revenue’s eBrief.