Bank not allowed write off tax bill

The Tax Appeals Commission has dismissed an appeal by a retail bank that it could use its trading losses to write off a tax bill for almost €1.5m on rental income from repossessed properties.

The unidentified bank had challenged an assessment by Revenue for tax of €1,489,195 for the period 2011-2013 on rental income of repossessed properties after borrowers had defaulted on their mortgage repayments.