On 5th December 2019, the Irish Revenue Commissioners published eBrief No. 202/19 regarding guidance on the treatment of allowable losses for Capital Gains Tax (CGT) purposes. Under the eBrief No. 202/19, Tax and Duty Manual Part 19-02-05 has been updated to reflect the fact that a deduction in respect of an allowable loss can only arise when there is a chargeable gain against which that loss can be offset.
Examples are included in the manual to show how relief for allowable losses is given for CGT purposes.
