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IR3NR Question 17 Look-through company (LTC) income

If you received any tax credits and/or income from an LTC write the details at Question 17.

The LTC will normally supply information about non-allowable deductions and any other information required to complete your return.

Deductions (expenses) against LTC income may be limited if the owner (shareholder) doesn’t have sufficient owner’s basis (equity) in the company. This will only apply if the LTC is in a partnership or joint venture which includes another LTC.

If you had any non-allowable deductions brought forward from last year, you may be able to claim some or all, of the brought forward amount this year. Print the amount claimable in Box 17D.

Don’t include:

  • interest and RWT—include these at Question 9

  • any imputation credits, dividend RWT and gross dividends—include these at Question 10,

  • any overseas income.

What to show on your return

Add up all other tax credits received from the LTC and print the total in Box 17A. Add up all LTC income not already included elsewhere and print the amount in Box 17B. Add up all non-allowable deductions this year and print the amount in Box 17C. Add up all prior year non-allowable deductions claimed this year and print the amount in Box 17D.

If you have an amount in Box 17C, add this to Box 17B and put the total in Box 17E.

If you have an amount in Box 17D, subtract this from Box 17B and put the total in Box 17E.

If you don’t have any amounts in Box 17C or Box 17D, copy the amount from Box 17B to 17E.

You can find more information about LTCs in the guide Look-through companies (IR879).

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