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McGrory & Co set out the recent Revenue Extension of Relief from Corporation Tax for New Companies.
Relief from corporation tax is available in their first 3 years of operation for new companies:
The recent changes extend the relief to such companies commencing to trade in 2010.
A qualifying trade does not include
Where a company claiming relief takes over the activities of another trade, those activities will be treated as a separate trade (which will not be a qualifying trade, having been previously carried on by another person). Relief will continue to be available with regard to corporation tax attributable to the qualifying trade within 3 years of commencement, subject to certain limits.
Relief under this section will cease where part of the qualifying trade is transferred to a connected person.
If you think you might be eligible for this relief, or are thinking of starting up in business and want some advice,contact our Drogheda office or our Clondalkin office or call (041) 9836707 and come in for a free first consultation.