The Tax and Duty Manual on stock relief (section 666 TCA 1997) has been updated.

Revenue eBrief No. 002/21 confirmed the following updates are included in the manual Stock relief – farming trades Part 23-02-02:

• an example showing how to calculate the amount of stock relief due for an accounting period is included;
• the meaning of “trading stock” and the type of items which may be included in the stock valuation is explained;
• legislative provisions are added for ease of reference; and
• a new section entitled “Potential abuse of relief” has been added.