A delegation from the Institute, under the auspices of the CCAB-I, attended the September meeting of the TALC Direct and Capital Taxes sub-committee. Among the issues discussed were the definition of “farmer” for the purposes of agricultural relief, the tax treatment of GMS income among partners in a GP practice, and the Employment Investment Incentive Scheme (EIIS).
Regarding agricultural relief, Revenue is examining the impact of “replacement land” on the definition of “farmer”. It was also noted that the manual needs to be updated generally.
On the EIIS, Revenue is considering the impact of the updated General Block Exemption Regulation (GBER) on the scheme. Revenue is engaged with the Department of Finance presently and will suggest a meeting between the Department of Finance and stakeholders in due course.
The minutes of the meeting will be published on revenue.ie once they are approved at the next meeting in November. You can access the minutes from all previous meetings here.
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