Ireland updates guidance on capital allowances for intangible assets

Irish Revenue updated its tax manual guidance on capital allowances for intangible assets on March 31 to reflect amendments made by Finance Act 2020. The changes address when a balancing charge or balancing allowance applies on the disposal of an intangible asset.

The updated manual also adds new sections on the capital allowances available to a successor in a company reconstruction and on the interaction between the intangible asset capital allowance provisions with transfer pricing rules applicable to the computation of capital allowances.