Revenue E-Brief Issue 64/16, 05 July 2016
Milk quotas were abolished with effect from 1 April 2015. Relief under section 538 of the Taxes Consolidation Act 1997 is allowed in respect of losses on assets such as milk quotas. However, capital allowances were granted in respect of milk quotas that were purchased on or after 1 April 2000. Accordingly, where a loss arises in respect of a milk quota that was purchased on or after that date, the amount of the loss allowable is restricted by the amount of the capital allowances granted.
For further details please refer to the Tax and Duty Manual Part 19-02-12
05 July 2016