Single Payment Scheme for Farmers
Conveyancing
14/03/2006
In their Taxbriefing 61, the Revenue Commissioners have outlined how they intend to deal with the Single Payment Scheme for tax purposes. This deals with the income tax, CAT, CGT, stamp duty and VAT issues on dealings with the Single Payment and is available at the Revenue .
Some points to note in Revenue鈥檚 intended treatment of the Single Payment are:
- It is a separate asset with a nil base cost.
- It is not attached to the land.
- It is not an agricultural asset for CAT or stamp duty but may be considered a business asset under the right circumstances.
- Consolidation of entitlements is not considered a disposal for CGT purposes.
It is vital that colleagues look at the Taxbriefing in more detail before advising clients in any dealings with the Single Payment.