S.381 Loss relief claim
If you sustain a loss in your trade or profession (whether carried on solely or in partnership with others), you can choose to make a claim for relief under section 381 tax relief.
This is a claim where you can offset the said losses against your (and if applicable your spouse’s) other income such as rent or employment and possibly generate a tax refund.
If you choose to claim relief under section 381, then you cannot choose to use only part of the loss against part of his income. Instead, if a claim for relief is made, the full loss must, in so far as possible, be set off against all of the your income.
It is important to note a claim under S.381 must be made within 2 years of the tax year to which the claim relates.
Subject to qualifying conditions
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie