Investors may have a number of foreign properties in different countries. A rental income account will have to be prepared to complete your Irish tax return form under Irish rules. The overall result for all foreign properties may be amalgamated so that a loss on one property say for example in Spain can be offset against a profit on a property in the UK. This is very useful if you have a number of properties abroad some of which are making rental profits and some not. You will only pay Irish tax on the combined profit or loss as the case may be.
Another point to bear in mind is that you cannot offset Section 23 relief or Irish rental losses against rental profit from a foreign property. The converse also applies. You cannot offset rental losses on foreign properties against rental profits on Irish properties.