Trevor Sargent
Question:58 Mr. Sargent asked the Minister for Finance the situation regarding the study of the tax status of the horse breeding industry. [24817/04]
View answerThursday, 14 October 2004
Questions (61)
Written answers
It is not clear what is the precise study that the Deputy is referring to in the question. The Deputy may be referring to the provisions in the Finance Act 2003 which required details of all income and gains, as well as any losses, arising from stallion fees to be returned to the Revenue Commissioners. The first of these returns for individuals under self assessment rules will be required by 31 October 2005 in respect of the current tax year, 2004. The date of the return for companies will vary depending on the company's accounting period. Where a company has a calendar year accounting period, which is the case for many companies, the return will be required by 30 September 2005 in respect of the tax year 2004. In this context the information on costs is not yet available.
Alternatively, the Deputy may be referring to a recent report which was produced by Indecon, the economic consultants, entitled An Assessment of the Economic Contribution of the Thoroughbred Breeding and Horse Racing Industry in Ireland. This report was commissioned jointly by the Irish Thoroughbred Breeders' Association, the European Breeders' Fund and Horse Racing Ireland. The report was published last July and is available from any of the commissioning parties. A copy was also received by my Department.