Taxes Consolidation Act 1997 Schedule 24 paragraph 9FB

Unilateral relief (capital gains)

Paragraph 9FB provides unilateral credit relief against Irish capital gains tax (or corporation tax on chargeable gains) for foreign capital gains tax paid in specified treaty countries whose treaties do not cover capital gains.

• Where a person disposes of an asset located in a specified territory, foreign capital gains tax paid on the gain may be credited against the corresponding Irish capital gains tax or corporation tax on chargeable gains, even though no treaty provision covers such relief.
• The relief is calculated as if the relevant tax treaty contained provisions allowing credit for foreign capital gains tax, and references elsewhere in Schedule 24 to credit under treaty arrangements include references to this unilateral relief.
• Credit is not available to the extent that relief for the same foreign tax is already given under a tax treaty with the territory in question or under any other provision of Schedule 24.
• The specified territories to which this relief applies are Belgium, Cyprus, France, Italy, Japan, Luxembourg, the Netherlands, Pakistan and Zambia.