Taxes Consolidation Act 1997 section 669M

Exemption for licence holder in respect of certain crew payments

Section 669M exempts the crew payment amount element of the Brexit compensation sum from income tax, corporation tax, PRSI and USC in the hands of the fishing boat licence holder, subject to conditions.

• The section applies where a fishing boat licence holder is chargeable to tax under Case IV of Schedule D on the crew payment amount portion of a Brexit compensation sum.
• The total crew payment amount received by the licence holder is fully exempt from income tax, corporation tax, PRSI and USC, and is excluded from the computation of total income.
• The crew payment amount cannot be deducted by the licence holder when computing taxable profits or gains under Case IV of Schedule D.
• The exemption is only available for the relevant chargeable period if the licence holder pays the crew payment amount to the crew member concerned within 3 months of receiving it.