Investment of €14.9m in fishing capacity does not attract capital tax allowances, court rules

Mullglen Ltd and OIgarry Ltd, which operate trawlers out of Killybegs in Co Donegal, bought the fishing capacity of the Atlantic Dawn for €14.9 million. Photograph: iStockA €14.9 million investment to provide two fishing companies with greater capacity for catches does not attract capital tax allowances, the High Court has ruled.

Meta Ireland chief Anne O’Leary: ‘We need to work together across the tech industry ... so we keep people safe online’Maybe the kindest thing to do for The Simpsons would be to shelve it The companies argued that fishing capacity was a “specified intangible asset’ within the meaning of the tax law providing for capital allowances.

The Tax Appeals Commission found with the companies. It determined that the fishing capacity acquired by the companies came within the meaning of the intangible asset provisions and the refusal of the capital allowances “should not stand”.

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