Tax and accountancy issues of today
Milk quotas were abolished with effect from 1 April 2015. Section 538 of the Taxes Consolidation Act 1997 allows relief in respect of assets such as milk quotas. However for milk quotas purchased after 1st April 2000, the loss is restricted to the amount of capital allowances granted.
Finance Act 2014 increased the averaging of farm profits from three years to five years from 2015. Who can make an election for farm averaging? The farmer must have paid tax on farm profits for each of the 4 immediately preceding years of assessment. What effect does the change from three to five … Read more AVERAGING OF FARM PROFITS
Section 48 Finance Act 2013 inserted Section 604b into TCA 1997 The Department of Agriculture have issued guidelines as provided by the new section Farm restructuring is the sale and purchase of qualifying lands: Where a famer sells a parcel of land and buys a parcel of land Sale and purchase must be within 24 … Read more FARM RESTRUCTURING RELIEF
According to a discussion paper attached to the Food Harvest 2020 report issued by the Department of Agriculture, Fisheries and Food “Both the abolition of EU milk quotas in 2015, and the annual quota increases under CAP Health Check, present Irish milk producers and the industry with an opportunity to respond to this increased demand and … Read more FARMERS AND COMPANY INCORPORATION