Section 70 Case III: basis of assessment

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(1) Income or profits chargeable under Case III of Schedule D shall, for the purposes of ascertaining liability to income tax, be deemed to issue from a single source, and this section shall apply accordingly.

What is the Case III "single source" rule?

(1) Your Schedule D Case III income (untaxed interest and income from foreign property) is deemed to issue from a single source....

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(2) Income tax under Case III of Schedule D shall be computed on the full amount of the profits or income arising within the year of assessment.

If I receive Case III income, what do I pay tax on?

(2) Your Schedule D Case III income is assessed on the basis of the actual profits arising in the tax year.

(3) Income tax shall, subject to section 71, be paid on the actual amount computed in accordance with subsection (2) without any deduction.

What deductions am I entitled to in computing my Case III income?

(3) In computing your Schedule D Case III income you are only entitled to the deductions mentioned in section 71.

(4) Subsection (2) shall, in cases where income tax is to be computed by reference to the amount of income received in the State, apply as if the reference in that subsection to income arising were a reference to income so received.

If I am entitled to the remittance basis, what do I pay tax on?

(4) If you are entitled to the remittance basis (section 71(3)) your Schedule D Case III income is based on the full amount of income received in the Republic of Ireland in the tax year....

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