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Stupid question!!

  • 22-05-2012 9:26pm
    #1
    foxylock
    Closed Accounts Posts: 429 ✭✭


    Howya lads.

    A stupid question here, What does 100% stock relief actually mean? Does it mean I get back 100% of the price paid on new stock. Go easy on me please :D:D;)


Comments

  • #2
    Fermec
    Registered Users, Registered Users 2 Posts: 95 ✭✭Fermec


    I Think you can right it off 100% against Tax.


  • #3
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    Yes, what it means is that you can put 100% of the increase of your stock in a year against any profit you have made to reduce your tax bill. So say if you had stock which had cost €10,000 in 2010 and in 2011 you sold none of these and bought stock for another €3,000 then the €3,000 will be deducted from your taxable profit so you will be taxed on a lower profit figure. 100% relief only available for first 3 years for young trained farmers, then it reduces back to 25% relief. Check out this from revenue for more detail

    stock relief.pdf


  • #4
    foxylock
    Closed Accounts Posts: 429 ✭✭foxylock


    Thanks for the replies lads, and now for my next stupid question ..................... :D


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