Registered Holiday Cottages
26/04/1996
Query
Do the ring-fence provisions in the section apply to the purchaser of a holiday cottage, in respect of which allowances have been claimed, where the original construction expenditure was incurred before the cut-off date.
Decision
No. - the purchaser is claiming in respect of the residue of the original expenditure - not in respect of the expenditure incurred on the purchase of the property
Income Tax
Section 405, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT 96 3505
06/06/1996
Query
Do Revenue accept that income arising from holiday cottages registered with Bord Failte are Case I trading receipts?
Decision
No. The question of whether the income arising from a particular scheme of holiday cottages is chargeable under the rules of Case I or Case V of Schedule D is one which can only be determined by reference to the facts of each case.
Income Tax
Section 65, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT953544