Revenue Precedents

In determining whether video tapes in use in video rental shops should be classed as fixed assets or stock in trade, the ordinary rules of commercial accounting apply. It is necessary to examine the facts of each case to determine whether video tapes are fixed assets or stock in trade. IT923002

In the case of tapes owned by a video library it was agreed that tapes could be treated as trading stock. IT912005

It was agreed to concessionally exempt from tax certain allowances paid to Agency for Personnel Services Overseas (APSO) volunteers. IR 10470/406/93

Disability Benefits receivable by Irish Residents under US Insurance Policies are taxable here under Schedule D Case III. IT903513

Court interest chargeable to income tax in the hands of the recipient under Schedule D Case III. IT913520

Income earned abroad by Irish resident entertainers is taxable in Ireland under Schedule D Case II. IT903501

The special seller’s prize paid by the national lottery to lotto agents who sell winning lotto tickets is taxable under Schedule D Case 1. GD94027

Payments made under the Emergency Aid Grant, paid by an Bord Iascaigh Mhara to compensate fishermen for poor earnings during adverse weather conditions, are taxable receipts liable to Income Tax. IT953549

Payments made to foster parents in Ireland, where the foster parents are not employees of the German paying authorities, under German Rehabilitation Programmes, to board/accommodate German youths, are chargeable to tax under Schedule D Case 1. IT952520

In general, where the recipient is a sportsperson who engages in the sport purely for recreational purposes i.e. is not carrying on a trade or profession as a sportsperson or is not an employee of the club etc which provides the gift, it would be regarded as a gift which would not give rise to an Income Tax liability. However, the circumstances of each case would need to be considered, before giving a definitive answer. IT962011

Revenue accepts CCJ decision that payment over and above the fee charged was not a receipt of the profession but a personal gift. 4265/83

Credit for US tax shown in a Lloyds account is given against the tax for the year of assessment for which the accounts form the basis of assessment. If there are losses, the effective rate of Irish tax is nil. In these circumstances the amount of the US tax is allowed as a deduction. IT923078

A bookmaker’s stand/patch at a racecourse constitutes a permanent establishment. IT952546

Boarding Out Allowances paid under Statutory Instrument 225 of 1993 by Health Boards to people who board out elderly persons are taxable. There is no exempting provision. IT972515

Where a company acts as a trustee and the settlors are not resident, ordinarily resident or domiciled in Ireland and funds upon the trust are settled in currencies other than Irish pounds and/or property situated outside Ireland, the trust is treated as non resident. IT913510

The rate of exchange applied for the purpose of converting dividend income to Irish Pound is the rate of exchange which applied to the dividend on encashment. IT913539