Section 669K Miscellaneous (Chapter 4)

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Amendments

Section 669K inserted by Finance Act 2007 section 26(1)(b) from 27 May 2008 (appointed by the Minister of Finance under Finance Act 2007 (Commencement of Section 26(1)) Order 2008 (SI 160/2008).

(1) For the purposes of determining the market value of a stallion to which this Chapter applies, the Revenue Commissioners may consult with such person or body of persons as, in their opinion, may be of assistance to them.

Can Revenue use outside help to value stallions?

(1) Revenue may consult with other persons to assist them in valuing stallions.

(2) Notwithstanding any other provisions of the Tax Acts, trading stock comprising stallions shall be disregarded for all purposes of section 666.

Can stock relief be claimed on trading stock comprising stallions?

(2) Trading stock comprising stallions is ignored for stock relief purposes.

(3) In a case in which in any chargeable period the computation of the amount of income of a person to be charged to tax under Case IV of Schedule D under this Chapter results in a loss, then, notwithstanding section 383, the amount of the loss may not be deducted from or set off against other income charged to tax under Case IV of Schedule D arising in that chargeable period, and any loss, when carried forward to a subsequent chargeable period, may only be deducted from or set off against income to which section 669H(2)(b) applies arising in that subsequent chargeable period.

Can I offset a stallion loss against other income?

(3) If a stallion fee trade produces a loss, that loss may only be carried forward for set off against future profits of that particular (Case IV) trade (and not Case IV profits in general).