certain payments received under the Brexit Voluntary Permanent Cessation Scheme (the Decommissioning Scheme).
The Decommissioning Scheme provided for compensation payments to certain fishing vessel owners in exchange for the permanent withdrawal of vessels from the polyvalent and beam trawl segments of the Irish fishing fleet and their removal from the EU register of sea fishing vessels.
The manual has been updated to reflect that a licence holder who availed of the Decommissioning Scheme may elect to have a deduction of up to 50 percent of the Temporary Tie Up Payment (TTUP) taken into account in the chargeable period in which the TTUP is chargeable to tax.
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