Tax: Recent Tax Appeals Commission determinations and Court judgments (3 of 2024)

The Tax Appeals Commission and the Courts have considered the following questions in recent months:

• How do you value goodwill?
• Does a debt write-off create a trading receipt?
• Can defects in a Revenue notice be deemed cured by the taxpayer’s own knowledge?
• Where a company overpays for the acquisition of an asset and the price is left outstanding as a director’s loan, does the tax-point arise when the director’s loan (in favour of the director) is created, or when the sums are drawn down by the director?
• When does a land-dealing/development trade commence?
• When is a debt considered to be a ‘debt on security’ (to allow CGT loss relief)?

RDJ Senior Associate Mark Ludlow is a regular contributor to the Irish Tax Review, writing the feature Direct Tax Cases: Decisions from the Irish Courts and Tax Appeals Commission Determinations. The current feature examines decisions which considered the above questions and others.

Read the full article here.

This article first appeared in Irish Tax Review Issue 3 (2024) © Irish Tax Institute.