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Irish Revenue Updates Two Guides

by Jason Gorringe, Tax-News.com, London

17 January 2018


The Irish Revenue has recently updated two guides, on the deduction for expenses in respect of annual membership fees paid to a professional body, and the ineligibility of forestry and woodland businesses to claim business relief under the capital acquisition tax regime.

The updated manual in respect of professional body membership fees clarifies the circumstances in which membership fees paid to a professional body may be allowed as a deduction under Section 114 of the Taxes Consolidation Act 1997 (TCA 1997). In addition to expenses of travel, Section 114 TCA 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively, and necessarily by an individual in the performance of the duties of his or her employment.

The manual sets out guidance for the interpretation of Section 114 in relation to professional membership fees and explains the circumstances in which Revenue will agree that an expense has been incurred wholly, exclusively, and necessarily for the purposes of an individual's employment.

Revenue has also updated the Capital Acquisitions Tax Manual, amending Part 12 (Business Relief) to include new material in relation to forestry/woodland businesses.

Paragraph 12.5.2.5 (heading "meaning of investment") now clarifies that such businesses are not regarded as the making or holding of investments for the purposes of eligibility for business relief.

TAGS: tax | investment | business | Ireland | fees | Tax

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