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Thread: Single farm payment - subject to income tax?

  1. #1
    Member Springador's Avatar
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    Single farm payment - subject to income tax?

    Received a letter today from IR which basically say's that all EU subsidies are subject to income tax.

    My SFP is only a modest amount which I had always assumed was tax excempt - am I wrong?

  2. #2
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    Re: Single farm payment - subject to income tax?

    Quote Originally Posted by Springador View Post
    Received a letter today from IR which basically say's that all EU subsidies are subject to income tax.

    My SFP is only a modest amount which I had always assumed was tax excempt - am I wrong?
    Sorry to tell you that it is part of your income and as such is liable for income tax

  3. #3
    Senior Member grassmanman's Avatar
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    Re: Single farm payment - subject to income tax?

    Quote Originally Posted by Springador View Post
    Received a letter today from IR which basically say's that all EU subsidies are subject to income tax.

    My SFP is only a modest amount which I had always assumed was tax excempt - am I wrong?
    Mine will be tax exempt mainly thanks to the price of beef, lamb and barley!!! Also helped by crap exchange rate and the amount taken off to fund active farmers, New entrants, hill farmers...

  4. #4
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    Re: Single farm payment - subject to income tax?

    Yup, SFP liable to income tax.
    Life is a meaningless journey filled with emptiness and pain. Get all the pussy you can.

  5. #5
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    Re: Single farm payment - subject to income tax?

    On a side note, if I sold my units last year they would have been liable for tax on any gain I would think.

    Now I have received my what yer getting letter, which unfortunately sees a payment of a quarter of last years come 2019 can I offset the loss of the value of them against the new value?

  6. #6
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    Re: Single farm payment - subject to income tax?

    At least you have had some sort of contact from them...

  7. #7
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    Re: Single farm payment - subject to income tax?

    If your below the tax threasholds and make or run at loss you may not pay tax anyhow ?

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