Revenue eBrief No. 002/21
13 January 2021
Stock relief – farming trades updated
Tax and Duty Manual Part 23-02-02 sets out guidance on a tax deduction for farmers for increases in stock values, which is known as “stock relief” and is provided for by section 666 of the Taxes Consolidation Act 1997. The manual has been updated as follows:
- an example showing how to calculate the amount of stock relief due for an accounting period is included
- the meaning of "trading stock" and the type of items which may be included in the stock valuation is explained
- legislative provisions are added for ease of reference
- a new section entitled "Potential abuse of relief" has been added.