Revenue Precedents

Whether interest on money advance to company allowable, where the company had been struck off the companies register? No; if the company was restored to the register, interest would be allowed for the periods during which it was struck off. IT932018

Whether cessation of the trade by the company would result in the relief being withdrawn? Not in itself, however unless trading was resumed within a reasonable period the individual would be unable to satisfy the requirements of subsection (2) (b) and relief would be withdrawn. CTF 203A1

Individuals borrowed money which was applied in acquiring an interest in a company. The company subsequently ceased to trade. Can the individuals still claim relief under S 248 TCA 1997? Relief is not due. The company no longer existed for the purposes set out in the section. Separately, at the time the interest was paid, the individuals did not have a material interest in the company or a connected company. IT 96 1560

Borrowings on a loan were used for 1) financing a qualifying home loan and 2) for a qualifying loan to a company. Subject to satisfying the necessary conditions, relief may be allowed on the interest paid under the relevant sections of the act, based on the appropriate percentage of the loan. IT 92 2021