Revenue E-Brief

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Revenue E-Brief Issue 100/16, 20 December 2016

Taxation Issues for Registered Farm Partnerships

Following the abolition of milk quotas in 2015, a new register for farm partnerships, referred to as Registered Farm Partnerships (RFPs), was introduced to supersede the old Milk Production Partnership register. Section 667C of the Taxes Consolidation Act 1997 is the relevant legislative provision which deals with RFPs. The main benefit from a tax perspective of establishing and maintaining a RFP is the availability of enhanced stock relief for the members of the partnership.

Revenue has published a new booklet for farmers outlining the principal features of the Irish tax system as it relates to farmers establishing, registering and maintaining a RFP. The booklet can be accessed on the Revenue website via: Taxes & Duties - Income Tax - Leaflets or via the Tax and Duty Manual Part 23-02-09.

20 December 2016