The Revenue Commissioners v Collins [2016] IEHC 748 … The Revenue Commissioners -v-
Collins … [2016] IEHC 748
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The Revenue Commissioners v Collins [2017] IECA 264 … Appeal in relation to The Revenue Commissioners v Collins [2016] IEHC 748 … The Revenue Commissioners -v- Collins
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97 Computational rules and allowable deductions (Direct Tax Acts, Finance (No. 2) Act 2023)
Subject to this Chapter, the amount of the profits or gains arising in any year shall for the purposes of Case V of Schedule D be computed as follows: … if no such contract exists, satisfies the Revenue Commissioners that the foundation for that building or that part of that building was laid in its entirety before the 23rd day of April, 1998.
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V … REVENUE COMMISSIONERS...DETERMINATION...is also complicated because the meaning of ‘profession’ and ‘professional services’ is notdefined in statute. For that reason, I have set out below a guide to the contents of thisdetermination....Page...CONTENTS...1-2...Introduction...Contents...2-3...4-5...Background...6-7...Legislation...8...Matters not is disputeEvidence...9 Documentary evidenceWitness e … REVENUE COMMISSIONERS … DETERMINATION...is also complicated because the meaning of ‘profession’ and ‘professional services’ is notdefined in statute. For that reason, I have set out below a guide to the contents of thisdetermination....Page...CONTENTS...1-2...Introduction...Contents...2-3...4-5...Background...6-7...Legislation...8...Matters not is disputeEvidence...9 Documentary evidenceWitness evidence:9-10...-the Comp
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Time is Ticking on Statutory Refund Claims for the NPPR Charge (Irish Tax Review 2017 Issue 2)
The Revenue Commissioners v Thomas Collins … [2016] IEHC 748 has upheld a 2013 Appeal Commissioners’ decision that the ordinary meaning of “any rate levied by a local authority”, in accordance with the computation of Case V rental income rules contained in s97(2)(b) TCA 1997, includes the Non-Principal Private Residence (NPPR) charge. … The Revenue Commissioners in eBrief No. 25/2017 have confirmed that they are referring the High Court’s decision to the Court of Appeal and that no refunds or amendments of returns will be processed until the appeal is decided. There are statutory provisions relating to a general right of repayment... of tax in accordance with s865 TCA 1997. However, this repayment claim is subject to a four-year time limit from the end of the chargeable period to which the claim relates. In effect, a taxpayer can claim a refund of tax from 2013 onwards. Revenue has recently called on landlords who wish to make a claim for an NPPR charge deduction against their 2013 rental income to complete the “Non Principal Private Residence (NPPR) Notification Form”, which will be processed once the Court of Appeal’s decision has been made. Details on... … TCA 1997 provides for the computation rules and allowable deductions against Case V rental income. In particular, s97(2)(b) provides for authorised deductions against rental income:
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6.5 Deductible Expenses (Practical Income Tax - The Professional's Guide 2023)
The Case V rules prescribe certain general principles to determine if specific expenses, detailed below, are deductible against rental income. These general rules can be summarised as follows: … The expense must be of a revenue nature; … Revenue’s Tax and Duty Manual Part 04-08-09 states that premiums in relation to mortgage protection policies for rented properties are deductible even though the cost could be more correctly regarded as either capital in nature or relating to the management of the property owners own personal financial affairs... … Accounting fees to prepare the rental profit/(loss) computation. Again, Revenue view this cost as more relating to the personal affairs of the property owner but allow it as a deduction;
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provides that for a property that has been vacant for
at
least 12 months, expenditure incurred prior to the first letting of
that
property after the passing of FA17 will be deductible for Case V
purposes if it
would have qualified for deduction under … One item that had been repeatedly
debated with various clients from its introduction in 2009 to its
abolition in
2013 was the deductibility for Case V purposes of the Non-Principal
Private
Residence (“NPPR”) charge. permits the deduction for Case V purposes of
any
sum borne by the person chargeable … . Unfortunately for landlords however, this position was
short-lived. On foot of an appeal by Revenue, the Court of
Appeal
considered the issue further and allowed Revenue’s appeal as set
out in … Revenue, in consultation with TALC, are in the
process of drafting guidance on the operation of the KEEP scheme.
In particular, given the requirement for the option price at
date of grant to be no less than the market value of the underlying
shares at
that time, it...
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