27 July, 2015 in Company News

Milk Quota - Capital Loss Claim

On 31 March 2015, the EU Milk Quota was abolished. (Quotas were introduced as a way of limiting milk production across EU Member States).

For some Farmers the abolition of the milk quota may have resulted in a loss on quotas previously bought. However, dependent on the structure of the farming business and when the quota was acquired they may be in a position to treat it as a capital loss and offset against capital gains, now or in the future.

The use of the capital loss on milk quota on your accounts should not be overlooked.

If you think this may apply to you, and if you have any queries or concerns about how milk quota should be dealt with on your accounts please contact Leona Leonard in our Tax Department.

Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.