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Section 382 loss claim

  • 05-03-2017 1:44pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Folks,

    Is it compulsory to use section 382 losses forward as soon as profits are available to meet them in subsequent years?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Heisenburg81 wrote: »
    Folks,

    Is it compulsory to use section 382 losses forward as soon as profits are available to meet them in subsequent years?

    Yes this is covered in subsection 2 of section 382

    (2) Any relief under this section shall be given as far as possible from the assessment for the first subsequent year of assessment and, in so far as it cannot be so given, from the assessment for the next year of assessment and so on.


  • #3
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    CIARAN_BOYLE wrote: »
    Yes this is covered in subsection 2 of section 382

    (2) Any relief under this section shall be given as far as possible from the assessment for the first subsequent year of assessment and, in so far as it cannot be so given, from the assessment for the next year of assessment and so on.

    Would unused Case 1/2 capital allowances essentially convert to a section 382 loss to carry forward?


  • #4
    psnKOB79LFC
    Registered Users, Registered Users 2 Posts: 219 ✭✭psnKOB79LFC


    Heisenburg81 wrote: »
    Would unused Case 1/2 capital allowances essentially convert to a section 382 loss to carry forward?

    I don't think so, only when the s.381 loss is augmented and the balance is carried forward. Not sure though


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