Taxes Consolidation Act 1997 section 395C

Limitation of relief for relevant losses and allowances

Section 395C limits the amount of relief that an individual carrying on a trade or profession may claim in 2019 by carrying back losses or capital allowances from 2020 or 2021.

• The total amount of relevant losses and relevant allowances that may be carried back and claimed in the year of assessment 2019 is capped at €25,000 per individual, regardless of the number of trades or professions carried on.
• A "specified individual" is one who is subject to the High-Income Earner Restriction (Chapter 2A of Part 15) before making any claim under this Chapter or section 304(3A).
• Where a specified individual makes a carry-back claim, the relief is subject to a further restriction: it cannot reduce the amount of any other relief already used in respect of 2019.
• The practical effect for specified individuals is that carry-back relief is calculated only after all other reliefs to which they are entitled for 2019 have been applied first.

---