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Reliefs available under group relief provisions?

  • 09-04-2013 7:26pm
    #1
    Limey
    Registered Users, Registered Users 2 Posts: 81 ✭✭


    Hi there,

    I'm currently studying taxation as part of a course I'm doing and I'm trying to familiarize myself with group reliefs, however I need to be able to explain what reliefs are available under the group relief provisions of the corporation taxes acts.

    The book I have is very vague and I don't find it easy to understand. Could anyone please provide any key points I should be aware of?

    Thanks

    L


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    Limey wrote: »
    Hi there,

    I'm currently studying taxation as part of a course I'm doing and I'm trying to familiarize myself with group reliefs, however I need to be able to explain what reliefs are available under the group relief provisions of the corporation taxes acts.

    The book I have is very vague and I don't find it easy to understand. Could anyone please provide any key points I should be aware of?

    Thanks

    L

    "Group relief provisions" is a bit vague as there are many facets of group relief, i.e losses, transfer of assets for CGT purposes, VAT grouping etc.

    you may need to be more specific if you want a clear answer from someone :)


  • #3
    Limey
    Registered Users, Registered Users 2 Posts: 81 ✭✭Limey


    Hi there, apologies for not being more specific. I don't need to know about VAT groups just about 1. losses related, 2. gains (transfer of assets) and 3. payments of interest etc.

    Hope that helps, oh and thanks for the reply.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    I would advise you to take a piece of paper and write them out.

    Then, tab the legislation and READ the sections. You will only learn by doing.

    Intra group transfers are free from CGT. Find the section. What percentage is required. What is the clawback period. What happens when the are transferred outside the group.

    Intra group losses can be utilised. They are Set off in the entity first and then may be transferred across. Find the section. What about losses on a value basis. Find the section. Read the section. What about cross border losses in the same group. There is case law on this.

    There is no such thing as corporate tax legislation. There is income tax that applies to corporate persons. That's what the TCA 97 deals with income tax and CGT provisions.

    The manuals are only a guide. Tax exams are hard because you have to learn how to interpret legislation at source.

    If you make an honest attempt I and others will edit your answers here.


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