Farm Averaging
22/07/1994
Query
What is the position regarding averaging in situations where a farmer is a sole trader and also farming in partnership?
Decision
Where a taxpayer has farming income as a sole trader and also income from a farming partnership, on an ongoing basis, the income averaging rules should be applied to both businesses in view of the fact that under section 655 all farming carried on by any person whether solely or in partnership is treated as the carrying on of a single trade.
Income Tax
Section 657, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT943512
24/01/1996
Query
Can the taxable amount of "Mulder compensation", as computed in accordance with Article 1.3 of Tax Briefing No. 14, be averaged in the normal way?
Decision
Yes
Income Tax
Section 657, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT963507
20/10/1997
Query
Where there is a farming loss but a balancing charge arises is the taxpayer 'charged to tax in respect of profits or gains from farming' for that year for the purposes of Section 657(4)(b)?
Decision
No
Income Tax
Section 657, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:GD97084