Question re: stock relief

patjack

Lakill might be able to advise:
50% stock relief is available for registered farm partnerships, if a dairy farmer is in a reigistered partnership but not a registered dairy partnership can they avail of the 50 % stock relief? Or is it a case that a dairy farmer only qualifies if his partnership is a registered dairy partnership?

LivInt20

patjack wrote: »

Lakill might be able to advise:
50% stock relief is available for registered farm partnerships, if a dairy farmer is in a reigistered partnership but not a registered dairy partnership can they avail of the 50 % stock relief? Or is it a case that a dairy farmer only qualifies if his partnership is a registered dairy partnership?

Willfarman wrote: »

If you are a snake in grass kind of guy with the morals of the devil himself you would make a few bob at the game. Bar that you would struggle!

Revenue:
The relief takes the form of a deduction, to be allowed in computing
the trading profits of an accounting period, of 25 per cent of the amount of the increase
in value of trading stock and work-in-progress at the end of the accounting period over
and above the opening value. Enhanced rates of stock relief are also provided for in
certain circumstances – 100 per cent instead of the normal 25 per cent for certain young
trained farmers and 50 per cent for farmers who are partners in registered farm
partnerships

Teagasc:
Why are State reliefs for Partnerships restricted to registered MPPs?
Any relief measures for farm partnerships by the State can only be on the basis of a formal registration system for eligible partnerships. The Milk Quota Regulations provide for the registration of MPP’s for the purposes of defining and delimiting the basis on which partnerships should be permitted to sell and supply milk. For the present these provisions are the only statutory basis for defining specific farm partnerships.

This legal basis will, however, cease to be operative from April 2015 with the abolition of the Milk Quota regime. DAFM recognises that there is a need to widen the registration systems and is currently investigating how best to extend the registration process to non milk-production partnerships and the legal basis to be applied to all registered partnerships post 2015.

patjack

LivInt20 wrote: »

Revenue:
The relief takes the form of a deduction, to be allowed in computing
the trading profits of an accounting period, of 25 per cent of the amount of the increase
in value of trading stock and work-in-progress at the end of the accounting period over
and above the opening value. Enhanced rates of stock relief are also provided for in
certain circumstances – 100 per cent instead of the normal 25 per cent for certain young
trained farmers and 50 per cent for farmers who are partners in registered farm
partnerships

Teagasc:
Why are State reliefs for Partnerships restricted to registered MPPs?
Any relief measures for farm partnerships by the State can only be on the basis of a formal registration system for eligible partnerships. The Milk Quota Regulations provide for the registration of MPP’s for the purposes of defining and delimiting the basis on which partnerships should be permitted to sell and supply milk. For the present these provisions are the only statutory basis for defining specific farm partnerships.

This legal basis will, however, cease to be operative from April 2015 with the abolition of the Milk Quota regime. DAFM recognises that there is a need to widen the registration systems and is currently investigating how best to extend the registration process to non milk-production partnerships and the legal basis to be applied to all registered partnerships post 2015.

Thanks LivInt20, do you take from the above,that all dairy farmers farming in a partnership that isn't a registered MPP but a registered farm partnership can avail of the 50% stock relief?