The Irish Revenue has issued guidance for companies on the temporary acceleration of corporate tax loss relief for accounting periods affected by the COVID-19 pandemic and related restrictions.

The relief allows companies to estimate their trading losses for certain accounting periods and carry back up to 50 percent of those losses against chargeable profits of the preceding accounting period on an accelerated basis.

Revenue has published Tax and Duty Manual Part 12-03-05 to provide guidance on the measure and on how companies can claim the relief.