“IS&WFO attempt to resolve major issues with Revenue”

The IS&WFO have expressed their concern that a recent Revenue stance will have a major impact on the financial viability and future investment in the Irish fishing fleet. Revenue’s contention is that Capital Allowances from a boat fall available to all of the partners in a vessel by way of a joint allowance and are not available solely to the boat owner in question.

According to IS&WFO Manager, Jason Whooley "At present, following a number of avenues taken by the IS&WFO, arrangements are currently being made to meet with the Revenue at the highest level. The meeting is with a view to resolving the conflict between the existing Revenue position and a Senior Counsel’s Opinion obtained by the IS&WFO. It is our view that the practical application of the Revenue position will result in enormous difficulties for our members. Accordingly, it is critical for the Industry that we get this matter resolved".