Richard Bruton
Ceist:403 Mr. R. Bruton asked the Minister for Finance his assessment of the cost of the tax concessions to the bloodstock industry; and the details of the distribution of this cost across the various tax headings. [15641/02]
Written Answers. - Tax Reliefs.
The general position is that section 231 of the Taxes Consolidation Act, 1997, exempts from tax the profits or gains arising to the owner or part-owner of a stallion from the sale of services of mares by the stallion where the stallion is ordinarily kept on land in the State and where the services of the mares takes place in the State. The exemption also applies where a bloodstock breeder trading in the State acquires a share in a foreign stallion in order that mares owned or partly owned by the breeder may be serviced by the stallion. In this case the exemption applies to tax on any profits or gains from the sale of any nominations from the breeder's share in the stallion. Taxpayers are not required to include income arising from tax exempt stallion fees in their tax returns and the information sought by the Deputy is therefore not available.