Ireland Tax Agency Issues Updated Guidance on Specified Reliefs Restriction for High-Income Individuals

The Irish Revenue Commissioners May 15 issued eBrief No. 101/25, on the updated guidance for the restricted use of specified reliefs and exemptions by high-income individuals. The updated guidance includes: 1) amendments under Finance Act 2024, including the removal of certain specified reliefs from Appendix 3; 2) revised examples for calendar year 2024, with 2024 credit values and rate bands; 3) that the restriction applies to individuals with adjusted income at or above 125,000 euros (US$139,494) who claim at least 80,000 euros (US$89,276) in aggregate specified relief, which comprises more than 20 percent of their adjusted income; 4) the specified ...