Farming

T1977

Hi just wondering if the rules for losses on Farming changed in the last Budget. The area I'm querying is the where a person has PAYE income and also has a farm and offsets these losses against PAYE income; is the 3 year limit still in place? I have checked the Revenue website and don't see anything different but a person in Revenue made a comment about it being reduced to 1 year but could n't back it up so am none the wiser!!

nompere

These are Revenue notes on S.662 TCA 1997, as amended by all Acts up to and including Finance (No 3) Act 2011:

A loss incurred in farming or market gardening may not be allowed against other profits unless the claimant can show that the farming or market gardening was being carried on on a commercial basis and with a view to profit. In addition to, and independently of, this test, loss relief is not allowed if losses have been incurred in each of the 3 preceding years.

There's nothing about farm losses in Finance Bill 2012.

T1977

Thanks for that, I had assumed there was no change but wanted to be sure.

TimTam82

Thinking of getting a new block grab for the winter. Any thoughts on the best type or what should I be looking out for???