Revenue eBrief No. 305/24
09 December 2024
Tax treatment of payments received under the Brexit Voluntary Permanent Cessation Scheme
Tax and Duty Manual Part 23-05-01 - Tax Treatment of payments received under the Brexit Voluntary Permanent Cessation SchemePart 23-05-01 - sets out guidance on the tax treatment of decommissioning payments to certain fishing vessel owners.
This manual has been updated to reflect that a licence holder who availed of the Decommissioning scheme may elect to have a deduction of up to 50% of the Temporary Tie Up Payment (TTUP) taken into account in the chargeable period in which the TTUP is chargeable to tax.