Individuals who incur a current year loss in a trade or profession can claim relief for that loss under section 381 of the taxes Consolidation Act (TCA) 1997.
Section 11(1) Finance Act 2014 introduced two new provisions which restrict the relief available to an individual under section 381 TCA where the loss arises from a passive trade or from a tax avoidance arrangement.
Revenue has issued a new Tax and Duty Manual Part 12-01-02 (PDF, 204KB) which details the relief available for losses sustained by an individual in the course of a trade/profession and also sets out the various restrictions which can apply to such a loss.
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