A briefing issued by the south western branch of the Irish Tax Institute in October 2015 indicated that the Revenue commissioners were taking a look at the Kerry shares.
“Revenue noted certain issues in relation to the disposal/transfer of Kerry co-op shares. Revenue has a database of share values at different times, if advisers need assistance in calculating (Capital Gains Tax) CGT or (Capital Acquisition Tax) CAT arising on a disposal, Kerry District can be contacted in this regard.”
This commentary suggests that the Revenue historically took the view that tax arises on sale of the patronage shares but not on the issuing of the shares.
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With the focus in the briefing note being on CGT and CAT, it is also clear that it is only in the past 12 months that Revenue decided to bring income tax into the equation.
The briefing note suggests that the Kerry district of Revenue was aware of the patronage shares issue for decades.
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A briefing issued by the south western branch of the Irish Tax Institute in October 2015 indicated that the Revenue commissioners were taking a look at the Kerry shares.
“Revenue noted certain issues in relation to the disposal/transfer of Kerry co-op shares. Revenue has a database of share values at different times, if advisers need assistance in calculating (Capital Gains Tax) CGT or (Capital Acquisition Tax) CAT arising on a disposal, Kerry District can be contacted in this regard.”
This commentary suggests that the Revenue historically took the view that tax arises on sale of the patronage shares but not on the issuing of the shares.
With the focus in the briefing note being on CGT and CAT, it is also clear that it is only in the past 12 months that Revenue decided to bring income tax into the equation.
The briefing note suggests that the Kerry district of Revenue was aware of the patronage shares issue for decades.
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