Any tax adavantages

mickbyrne

Does anyone know of legitimate ways of writing the cost of horses off against tax, i.e. can my company buy a horse and write if off against tax

Cantoris

This was done in the past whereby companies owned horses and claimed that it was marketing cost of business. Some businesses even named the horses after the business or products of the business and claimed a tax deduction. I believe this has now been stamped out and prob the reason you don't see as many companies owning horses as in the past.

mickbyrne

Thanks Cantoris

Cantoris

Had a chat to a tax buddy of mine who said the following:

"it is a bit of a push claiming a marketing expense for a horse. To claim the expense, the expenditure would have to be claimed wholly and exclusively for the purposes of the trade. There are also potential BIK issues for executives, if it could be determined that the horse is really there for their benefit - this might be difficult for the Revenue to impose in practice.

If the horse was named after the company and the colours were appropriate, there may be a possibility, but it is a real outside one. There could be a case for trying to have a company sponsor a horse (even one owned by executives - but the rate would have to be a real one) on race days, etc, provided there is clear evidence of the sponsorship and the fee is reasonable. I haven't checked anything technical on this."

Robin1982

http://www.racingpost.co.uk/horses/racing_horse_form.sd?horse_id=547917