Interest on Loans - Company ceased
31/05/1996
Query
Individuals borrowed money which was applied in acquiring an interest in a company. The company subsequently ceased to trade. Can the individuals still claim relief under S 248 TCA 1997
Decision
Relief is not due. The company no longer existed for the purposes set out in the section. Separately, at the time the interest was paid, the individuals did not have a material interest in the company or a connected company
Income Tax
Section 248, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT 96 1560