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Last week’s Taxation noted that HMRC had published Revenue & Customs Brief 01/10 which discussed the tax treatment available to members of Dairy Farmers of Britain (DFB) in respect of their shares and debt in that company.
The treatment of shares and debt was the subject of a Readers’ Forum query Milking time last year.
With regards to the income tax treatment of the proportion of the sale price of milk sold that was retained by DFB HMRC state as follows:
‘Your sales to DFB were done on terms that allowed DFB to retain a proportion of the sale price (latterly in a member’s investment account). Normally you would have recognised the amounts retained by DFB as taxable receipts within turnover in the annual accounts. However for accounts prepared after the receiver was appointed (3 June 2009) you need...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
