Race Horse Trainer
17/01/1996
Query
How are the activities of a racehorse trainer taxed?. What deductions are allowable?.
Decision
Where a race horse trainer, who holds a licence, trains horses which he or she owns or part owns, the activity is regarded as part of the trade of training. Accordingly, the expenses of training those horses may be allowed as a Case I deduction, and any income from prize money or the sale of horses is part of the income of that trade.
Income Tax
Section 65, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT963004