*Ostroff, Fair and Company>>>Ireland Taxes

In irish Corporation tax... is it true that in capital allowances, balancing charges cannot exceed the CA.?

I am asking as i cannot get any answers on irish revenue site.

it relates to Irish Income tax for Case I or II income. It seems that you cannot deduct more than the capital allowances claimed when accounting for a balancing charge on disposal of an asset. Is this true?

I will be extremely gratfull for anyone able to anwswer this quewstion as no web site seems to have the answer?

Well it's certainly true of UK taxation, and as Ireland writes virtually identical tax law, it's probably true there as well.
Any balancing charge is limited to the allowances already granted, which results in no allowances being granted and no balancing charge being taxed.

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cheers, if your the only answer ya cant lose!

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