Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Sport Horse Industry in Ireland

  • 06-07-2012 03:15PM
    #1
    deruler
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi all, I am a bit unsure if my understanding of the taxation of hose sales is correct.

    For example my undertanding of the sale of broodmares that are not in training is that the profits are taxable as normal case I farm profits. What is unique about broodmares is that the are valued at the lower of their :
    1. purchase price or, if they have been bred by the taxpayer, all their associated costs until the 1st of January of the year they become three years old, or
    2. net relisable value.

    Then if the broodmare is transfered to training any profits from the sale are not liable to tax, and any costs associated with the animal are not tax deductable. It is transferred out of trading stock to training at its carrying value thus no profit/loss.

    I think Im on the right track here, but only came accross it once before and its a while back, so any views ye may have would be greatly appreciated.


Advertisement