Peadar Tóibín
Question:249. Deputy Peadar Tóibín asked the Minister for Finance the revenue that would be generated from the removal of exemptions relating to horses and horse breeding. [26037/15]
View answerTuesday, 30 June 2015
Questions (249)
Written answers
There are no specific exemptions relating to horses and/or horse breeding. Horse breeding is considered to be a trading activity for tax purposes and accordingly, profits from horse breeding are assessable to tax under Case I of Schedule D. Stallion stud fees were previously exempt from tax although all other profits from horse-breeding, such as the sale of yearlings, were always taxable. With effect from 1 August 2008, however, the exemption from tax for stud fees was removed and profits or gains from the sale of stallions are now fully taxable.