Decommissioning Fishing Vessels
eBrief No. 50/2008 provides details on the tax treatment of the Decommissioning Scheme. The Scheme provides for payments to fishing vessel owners in exchange for the permanent withdrawal of the vessels from the whitefish sector of the Irish fishing fleet and their removal from the EU register of sea fishing vessels.
Tax issues covered include:
- Capital gains tax:
- – Capital receipts;
- – Time of Disposal
- – Costs/Receipts associated with the Permanent Disposal or Scrapping of Vessels
- – Retirement Relief
- – Loss or destruction of an asset
- Capital Allowances
eBrief No. 50/2008 is reproduced at Section 2.02.