Revenue Note for Guidance

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Revenue Note for Guidance

472BA Fisher tax Credit

Summary

This section gives a tax credit of €1,270 to fishers who spend at least 80 days per year engaged in sea-fishing.

Details

Definitions

(1)aquaculture animal” means farmed fish at all life stages and is taken from EU Council Directive 2006/88/EC.

day at sea” means a cumulative period of 8 hours within any 24 hour period during which the fisher undertakes one or more fishing voyages;

fisher” means any person engaging in fishing on board a fishing vessel;

fishing vessel” means a vessel which is—

(a) registered on the European Community Fishing Fleet Register in accordance with Commission Regulation (EC) No 26/2004 of 30 December 2003, and

(b) is used solely for the purposes of sea-fishing;

but does not include a vessel that is engaged in fishing or dredging solely for scientific, research or training purposes.

fishing voyage” means a fishing trip commencing with a departure from a port for the purpose of fishing, and ending with the first return to a port thereafter upon the conclusion of the trip, but a return due to distress only shall not be deemed to be a return if it is followed by a resumption of the trip;

sea-fish” means fish of any kind found in the sea, whether fresh or in other condition, including crustaceans and molluscs, but does not include salmon, fresh water eels or aquaculture animals;

sea-fishing” means fishing for or taking sea-fish.

(2) A fisher who has spent at least 80 qualifying days at sea in a year actively engaged in sea-fishing shall be entitled to a tax credit of €1,270.

(3) A fisher may not claim the Seafarers Allowance (section 472B) in the same year as the fisher tax credit.

(4) The tax credit is available to individuals who are resident in the State regardless of whether they are PAYE employees or self-assessed individuals.

Relevant Date: Finance Act 2020