Dáil Éireann debate -
Tuesday, 28 May 1996

Vol. 466 No. 1

Written Answers. - Taxation of Fishermen.

Trevor Sargent

Question:

249 Mr. Sargent asked the Minister for the Marine the plans, if any, he has to waive capital gains tax for fishermen who decommission their vessels in view of the fact that a number of ex-fishermen find themselves up to £6,000 in debt after the event although their tax affairs were in order and up to date. [11042/96]

Minister for the Marine (Mr. Barrett)

It is a matter for the Minister for Finance to determine taxation policy.

The case by case impact of taxation for fishermen who have voluntarily opted to avail of decommissioning premia will obviously depend on the financial and other circumstances of individual beneficiaries. I can advise that at the time of drawing up the decommissioning scheme, a specific concession was agreed which permits the tax liability, if any, to be spread over a three year period. This is in addition to the concessions and reliefs applying generally to capital gains tax liabilities.