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Query re Farm entitlements

  • 22-10-2013 09:36AM
    #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.


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