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Taxes Consolidation Act, 1997 (Number 39 of 1997)


Chapter 2A

Income tax: Covid-19 loss relief

395A. Right to carry-back losses sustained between 1 January 2020 and 31 December 2020

(1) In this Chapter—

relevant period” means the period beginning on 1 January 2020 and ending on 31 December 2020;

relevant loss” has the meaning assigned to it in subsection (2).

(2) Where an individual carrying on a trade or profession, either solely or in partnership, has sustained a loss in the relevant period in respect of which that individual could, but for the making of a claim under subsection (3), make a claim to carry forward such loss under section 382, (in this section referred to as the ‘relevant loss’) the individual may make a claim under subsection (3).

(3) Subject to section 395C, an individual may make a claim under this subsection to have any portion of the relevant loss carried back and deducted from or set off against the amount of profits or gains on which the individual is assessed under Schedule D in respect of the trade or profession concerned for the year of assessment 2019 and, on the making of the claim, the relief shall be given as a deduction from or set off against the amount of those profits or gains.

(4) If and in so far as relief for any relevant loss has been given to an individual under subsection (3), the individual shall not be entitled to claim relief in respect of such relevant loss under any other provision of the Income Tax Acts.

(5) Where relief is claimed under this section, relief shall be given in respect of losses sustained in an earlier period in advance of losses sustained in a later period.




Inserted by the Financial Provisions (Covid-19) (No. 2) Act 2020 s10(b).