Dáil Éireann Debate, Wednesday - 28 January 2015
49. Deputy Robert Dowds asked the Minister for Finance the measures he will take to increase the tax generated from stallion fees to support Irish horse racing (details supplied); and if he will make a statement on the matter. [4001/15]
View answerI dealt comprehensively with the issue of profits and tax yields from the thoroughbred breeding industry, including stallion fees, in my recent replies to questions, including Questions 157 to 160 on 18 November last year and Question 177 on 9 December last.
In these replies, I explained that there was a range of variables associated with the stallions industry and that profits from a number of activities within the thoroughbred breeding sector are not separately identifiable. As a result, it is unwise to draw any firm conclusions from the figures supplied.
The Deputy will be aware that the figures supplied related only to profits for income tax and corporation purposes and took no account of the overall contribution made by the sector in terms of employment taxes and VAT. I am advised by the Revenue Commissioners that these amounts may not include gains from the sale of stallions, nor does it include profits earned from the provision of stallion stud services that are owned by syndicates as these are not regarded as having been earned in the course of a trade. It is not possible to state the amount of any profits associated with these activities as they are not separately captured on tax returns.
As to plans to increase the tax contributions from the thoroughbred breeding industry, I have no plans for changes in this area at this time. The Deputy will be aware that matters regarding the Horse and Greyhound Racing Fund are a matter for the Department of Agriculture, Food and the Marine.
