With Content Restriction 1.3 along with restricting access to post, pages and custom post types, you can now restrict access to specific terms of a taxonomy.

For example, you have created a blog and you only want logged in users to read posts in the ‘News’ category. You can do this by editing the category and clicking ‘Restrict access to this category’:

The restriction settings are similar to when restricting a post.

This means that the category ‘News’ does not appear in the site for logged in users, as as any post that is in the news category.