Revenue Precedents

Does the definition of trading stock for the purposes of stock relief include such items as fertilisers, pesticides, purchased feeds, home produced feeds, diesel and machinery parts? The definition of trading stock in section 89 Taxes Consolidation Act 1997 includes “materials such as are used in the manufacture, preparation, or construction of property such as is sold in the ordinary course of that trade”. Stock relief should therefore be allowed on items which are inputs to the property which is sold in the ordinary course of the business (e.g. feed, fertiliser, seeds, etc). It should not be allowed on expense stocks such as machine parts, diesel etc. IT903005

Is deer farming regarded as a separate trade from farming?. Are deer regarded as trading stock for the purposes of stock relief? A person involved in deer farming is regarded as carrying on the trade of farming. Where deer farming is carried on in conjunction with another farming enterprise; the two enterprises are regarded as one trade for the purposes of tax. Deer are regarded as trading stock for the purposes of stock relief. IT923019