Tax Appeals Commission dismisses bank’s attempt to write off Revenue bill

Irish Times | Feb 14, 2020 at 12:43 PM
  • The Tax Appeals Commission has dismissed an appeal by a retail bank that it could use its trading losses to write off a tax bill for almost €1.5 million on rental income from repossessed properties.
  • The unidentified bank had challenged an assessment by Revenue for tax of €1,489,195 for the period 2011-2013 on rental income of repossessed properties after borrowers had defaulted on their mortgage repayments.
  • Revenue notified the bank that the liability on the rental income was not corporation tax and therefore it could not claim tax relief in respect of its trading losses.