395C. Limitation of relief for relevant losses and allowances

(1) In this section—

“relevant allowances” has the same meaning as it has in section 304(3A);

“specified individual” means an individual to whom Chapter 2A of Part 15 applies, prior to making a claim under this Chapter or section 304(3A).

(2) Subject to subsections (3) and (4), the total amount of relevant losses and relevant allowances in respect of which an individual carrying on a trade or profession may claim relief in the year of assessment 2019 under this Chapter and section 304(3A) shall not exceed €25,000.

(3) Where an individual carrying on a trade or profession is a specified individual, the total amount of relevant losses and relevant allowances which that individual may claim to have carried back is restricted in accordance with subsection (4).

(4) The restriction referred to in subsection (3) is that the total amount that may be claimed under this Chapter and section 304(3A) shall be limited such that there shall be no reduction in the amount of any other relief used, within the meaning of section 485C(2)(a), in respect of the year of assessment 2019 prior to claims being made under this Chapter or section 304(3A).