Revenue E-Brief

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Revenue E-Brief Issue 94/2014, 30 October 2014

CT 1 2014 and claims for the set back of excess Trading Losses and excess Research & Development Credit

Self assessment legislation requires that all tax returns filed electronically must, where amendments are required, be amended electronically. For companies with accounting periods ending on or after 1st January 2014, claims in relation to:

  • the "set back" of trading losses to a relevant prior accounting period (Section 396A(3) and 396B TCA 1997), and
  • the "set back" of excess Research & Development Credit to a relevant prior accounting period (Section 766(4A)(a) and 766A(4A)(a) TCA 1997),

must now be made electronically via ROS by either a taxpayer or their agent.

Previously, details of these claims would have been entered in the Company Details panel of the CT 1 return and a Revenue officer would have input the relevant amendment on behalf of the customer. New fields are now available on the online version of the CT 1 return to capture these claims.

The fields are available in the ROS "amend" mode, in the Trading Results panel, the Deductions, Reliefs and Credits panel and the Research & Development panel respectively to capture these claims. It is not possible to amend CT1 returns in the offline version.

Section 1085 TCA 1997 imposes a restriction on the amount of losses that may be claimed if the return is being filed late. In these circumstances the restricted amount of the loss should be entered on the return.

30 October 2014