TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

What you need to know about part time farming

Revenue has published new FAQs dealing with the changes to Capital Acquisitions Tax (CAT) Agricultural Relief by Finance Act 2014.

The FAQS cover many of the queries raised on the changes, these include:

  • What constitutes 50% normal working time
  • If the individual has off farm working employment do they satisfy the normal working time test
  • Records Revenue are likely to seek in the case of an audit
  • Factors relevant for claiming relief in respect of forestry land
  • Will it be necessary to monitor the use of the land by a lessee
  • Clawback of the relief where the lease is terminated

Revenue has also updated Part 11 of their CAT manual to reflect the changes introduced by Finance Act 2014.

Publication of the FAQs follows representations with Revenue at the TALC Capital forum on questions and practical issues raised by members on the changes.

The FAQs and the CAT manual are available on the Revenue website.

Mark Doyle, here of this issue, reviews the changes to agricultural relief and Revenue guidance on the relief.