Revenue Precedent

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Revenue Precedents

A verbal agreement was made to lease land for a five year period. A written agreement evidencing the verbal agreement was drawn up at the commencement of the final year of the lease. The issue is whether relief can be claimed for all years since the commencement of the verbal agreement. The Commissioners would consider granting relief under section 664 Taxes Consolidation Act 1997 if – (a) the lessor could prove to the satisfaction of the Inspector of Taxes that the farmland had actually been leased in the period and that he had received rental income from the leasing and had returned same for income tax purposes, and (b) all the other conditions provided for in section 664 Taxes Consolidation Act, 1997 had been met. IT923012

A niece or nephew is not connected with an uncle or aunt for the purposes of this section. IT943037