Irish Tax and Customs on April 18 updated its tax and duty manual to reflect changes made in Finance Act 2017 that limit capital allowances for intangible assets plus deductions for related interest.
The changes are incorporated in the manual in Part 09-02-05.
Under 2017 changes, capital allowances for intangible assets brought onshore from October 11, 2017, may shelter up to 80 percent of income arising from assets that year. Capital allowances attributed to intangible assets acquired before that date are subject to the old rules and are thus not capped.
The tax and duty manual changes clarify the operation of the 80% cap and updated guidance on information and documentation required to support the value attributed to an intangible asset.
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