Revenue Note for Guidance

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Revenue Note for Guidance

233 Stud greyhound service fees

Summary

This section provides that certain profits/gains arising to an owner or part owner of a stud greyhound from the sale of services of greyhound bitches within the State by the stud greyhound or from the sale of rights to such services (that is, stud fees or receipts from the sale of nominations) are exempt from income tax or corporation tax.

However, for chargeable periods commencing on or after 1 January 2004 details of all such profits, gains and losses must be included in the annual return of income to the Revenue Commissioners. The normal rules relating to the keeping of records and the making available of those records for inspection by the Revenue also apply. This relief ends on 31 July 2008.

Details

For the purposes of this section—

(1) “greyhound bitches” means female greyhounds registered in the Irish Greyhound Stud Book or in another greyhound stud book recognised for the purposes of the Irish Greyhound Stud Book.

stud greyhound” means a male greyhound registered as a sire for stud purposes in the Irish Greyhound Book or in any other greyhound stud book recognised for the purposes of the Irish Greyhound Stud Book.

(2) The exemption from income and corporation tax is granted in respect of profits/gains arising to —

  • the owner of a stud greyhound which is ordinarily kept in the State from the sale of services of greyhound bitches within the State by the stud greyhound,
  • the part-owner of a stud greyhound which is ordinarily kept in the State from the sale of services of greyhound bitches within the State by the stud greyhound or the rights to such services,
  • the part-owner of a stud greyhound which is ordinarily kept outside the State from the sale of services of greyhound bitches by the stud greyhound, or of the rights to such services, where the part-owner carries on a trade in the State which consists of or includes greyhound breeding and where the part-owner acquired the stud greyhound and held it primarily for the purpose of the service of greyhound bitches owned or partly owned by a part-owner of the stud greyhound in the course of that trade.

(3) The provisions of the Tax Acts relating to the making of a return (section 951) by a chargeable person (section 959A) will apply—

  • as if section 233(2) had not been enacted,
  • as if a person who is in receipt of income for a chargeable period (section 321(2)) from this source were a chargeable person,
  • as if any person who may have had a notice issued to them under section 951(6) (exemption from need to submit a return) had not been issued such a notice, and
  • so as to oblige persons in receipt of income from stud greyhound service fees to keep records as if the income was chargeable to tax.

(4)(a) Profits, gains and losses are computed in accordance with the Tax Acts, ignoring subsection (2) (the provision giving exemption from tax).

(4)(b) Where a loss is made, then the amount of that loss is to be included in the return.

(5) The exemption from tax, provided for in this section does not apply to income earned after 31 July 2008.

Relevant Date: Finance Act 2019