Taxes Consolidation Act 1997 section 669A

Interpretation

Section 669A defines key terms used in the provisions dealing with capital allowances for expenditure on milk quotas (now repealed).

• A milk quota is the quantity of milk or milk products a farmer may supply or sell in a quota year (1 April to 31 March) without incurring an EU levy.
• A qualifying quota is one purchased after 1 April 2000, whether under the Milk Quota Restructuring Scheme or otherwise.
• Qualifying expenditure is the actual cost of buying a quota under the restructuring scheme, or, for other purchases, the lower of actual cost and the maximum local co-op area price set under that scheme.
• Other defined terms include milk, other milk products, milk quota year, purchaser, and writing-down period.