Taxes Consolidation Act, 1997 (Number 39 of 1997)
231 Profits or gains from stallion fees.
[FA69 s18(2)(b); CTA76 s11(6); FA85 s14(1)]
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(1)The profits or gains arising—
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The profits or gains arising—
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(a) (i) to the owner of a stallion, which is ordinarily kept on land in the State, from the sale of services of mares within the State by the stallion, or
(ii) to the part-owner of such a stallion from the sale of such services or of rights to such services, or
(b) to the part-owner of a stallion, which is ordinarily kept on land outside the State, from the sale of services of mares by the stallion or of rights to such services, where the part-owner carries on in the State a trade which consists of or includes bloodstock breeding and [5]>it is shown to the satisfaction of the inspector, or on appeal to the satisfaction of the Appeal Commissioners, that<[5] the part-ownership of the stallion was acquired and is held primarily for the purposes of the service by the stallion of mares owned or partly-owned by the part-owner of the stallion in the course of that trade,
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shall not be taken into account for any purpose of the Tax Acts.
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shall be exempt from income tax and corporation tax
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(2) As respects the making of a return of income (being a return which a chargeable person, within the meaning of section 950, is required to deliver under section 951), the Tax Acts shall apply—
(a) as if subsection (1) had not been enacted,
(b) notwithstanding anything to the contrary in Part 41, as if a person to whom profits or gains referred to in subsection (1) arise for any chargeable period (within the meaning of section 321(2)) were, if such person would not otherwise be, a chargeable person (within the meaning of section 950) for that chargeable period,
(c) where a person to whom profits or gains referred to in subsection (1) arise for any chargeable period (within the meaning of section 321(2)) is a person to whom a notice under section 951(6) has been issued, as if such a notice had not been issued, and
(d) in so far as those Acts relate to the keeping of records (within the meaning of section 886) and the making available of such records for inspection, as if such profits or gains were chargeable to income tax or corporation tax, as the case may be.
(3) For the purposes of subsection (2)—
(a) profits or gains referred to in subsection (1) or a loss referred to in paragraph (b) shall be computed in accordance with the Tax Acts as if subsection (1) had not been enacted, and
(b) where a loss is incurred for any chargeable period (within the meaning of section 321(2)), the amount of that loss shall be included in the return of income referred to in subsection (2) for that chargeable period.
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(4) Subsections (1) to (3) do not apply to any profits or gains arising after 31 July 2008 to an owner or a part-owner of a stallion.
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[1]
Renumbered by FA03 s35(1)(a)(i). Applies as respects any chargeable period commencing on or after 1 January 2004.
[2]
Substituted by FA03 s35(1)(a)(ii). Applies as respects any chargeable period commencing on or after 1 January 2004.
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Inserted by FA03 s35(1)(a)(iii). Applies as respects any chargeable period commencing on or after 1 January 2004.