claiming stock relief

viztopia

i am reading up on stock relief and I see that you can to "inform" the revenue in writing before the relief is claimed. I wonder how strict they are on this or has anyone actually done it? one thing to note is that in the form 11 there is a specific box where the stock relied is to be entered so it seems a little odd that you have to send them a letter in writing also.

the exact wording is as follows;
666 Deduction for increase in stock values
Summary
Provision is made in section 666 for stock relief, that is, for a deduction from farming trading income of an accounting period of 25 per cent of the increase in the value of trading stock in that accounting period. Stock relief may not be used to create or augment a loss. The relief must be claimed in writing on or before the return filing date for the period to which it relates and it applies to partnerships as well as to companies and individual farmers. The relief is only available in the case of a company for accounting periods ending on or before 31 December 2015 and in any other case for years of assessment up to and including 2015.

lakill Farm

viztopia wrote: »

The relief must be claimed in writing on or before the return filing date for the period to which it relates .

firstly its extended for a few more years. 2017 I think

a form11 covers in writing. Never had an issue before and dealing with every tax district in the country