asked the Minister for Finance if he is aware that profits made from the syndication of sires were not taxable in recent years, but are now subject to tax; and if in view of the importance of the bloodstock industry to the country and the necessity of giving every encouragement to breeders in obtaining the best sires available, he will review the position with a view to making such profits free of tax.
Ceisteanna—Questions. Oral Answers. - Tax on Profits from Syndication of Sires.
19.
I assume that the Deputy is referring to profits arising to members of syndicates from sales of nominations. The provisions of the Income Tax Acts governing the taxation of such profits have not been altered since the enactment of Section 7 of the Finance Act, 1939. Under that section the broad position is that, if a stallion is ordinarily kept on particular lands and serves mares on those lands, there is liability under Schedule D only where the person selling the nomination is not the occupier of the lands.