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

Query re Farm entitlements

  • 22-10-2013 8:36am
    #1
    galway1234
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hi
    Just wondering if anyone can help me. Bought entitlements in 2012 for €4000 to get Single Payment for 2012,2013,2014.
    My question is I have seen the following on Revenue website
    2.12 Acquiring a Payment Entitlement
    The cost of acquiring a payment entitlement will not be allowed as a deduction for income tax purposes, being expenditure of a capital nature. Capital allowances are not available.
    Does this mean that I cannot put this 4k expenditure against the income? Also can I include the solicitor fees as expenditure?

    Thanks


Comments

  • #2
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    you are correct in saying that you get no tax allowance for the purchase of entitlements. They should be capitalised in the balance sheet of your accounts under intangible assets. the solicitors costs should go in here as well so you cant write this off against income tax. the only thing you can do with the cost is use it as your base cost should you ever sell the entitlements in the future and any profit would be subject to capital gains tax.


Advertisement