Revenue Precedent

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Revenue Precedents

The taxation treatment of sheep headage and ewe premium payments – all headage payments and ewe premia are trading receipts for tax purposes. IT913063

How are the payments received under the EEC Scheme of Installation Aid for Young Farmers taxed? The scheme, which was introduced by EEC Council Regulation No. 797/85, provides for the payment to farmers of a single premium. Such a payment may be treated as a capital sum which will not give rise to a charge to Capital Gains Tax as there is no disposal of an asset. IT903118

Payments from the Department of Agriculture under the Flood Damage Relief Scheme 1995 are chargeable to Income Tax. It is the Revenue view that these payments, which are in respect of the loss of livestock or fodder, are income receipts liable to income tax in the hands of the recipient. IT953512

Where compensation is paid for the non-allocation of a milk quota to a partnership each of the partners cannot claim the reduction outlined in article 1.3 of Tax Briefing No. 14. The reductions outlined in the article should be applied to the compensation amount received by the partnership with the reduced amount forming part of the trading income of the partnership for the year of receipt. IT953538

What is the commencement date for the review procedure for the valuation of broodmares? The review procedure outlined in the article titled “Book value of Brood Mares” in Issue 25 of Tax Briefing operates in respect of accounting periods ending on or after 1 December 1994. IT973008