669K Miscellaneous (Chapter 4)

This section is concerned with a number of miscellaneous matters connected with this Chapter.

(1) Should the Revenue Commissioners need to determine the market value of a stallion for the purpose of this Chapter, they may consult with any person or body of persons, whom they consider may be of assistance to them. This provides a statutory basis, in these limited circumstances, to overcome the normal obligations that ensure confidentiality in respect of a person’s tax affairs.

(2) Even though stallions, owned in circumstances in which this Chapter applies, are treated as trading stock, section 666 does not apply to them. Section 666 provides stock relief on the year-on-year increase in the value of trading stock in a farming context.

(3) Certain limitations on the use of losses incurred by the owner or part-owner of a stallion to which this Chapter applies are imposed where the owner is chargeable to tax under Case IV of Schedule D. Under normal circumstances losses incurred in a chargeable period in respect of which the person would otherwise be chargeable under Case IV may be set off against other Case IV income arising in that period. Furthermore if, after such a setoff there are still net losses, these can be carried forward to be set off against Case IV income arising in future years. This subsection denies the sideways setoff against other Case IV income arising in that year and limits these losses to being set off only against future years income to which section 669H(2)(b) applies. In other words, in a Case IV context stallion losses can only be setoff against future stallion income. This limitation does not apply where the stallion losses arise in a Case I context since these are treated in the same way as any other Case I losses.

Relevant Date: Finance Act 2021