A Kerry TD has claimed that sources in the Revenue Commissioners have told him that their employer is wrong to say that some Kerry co-op shareholders are liable for income tax on their shares.
Around 400 Kerry co-op milk suppliers who received patronage shares in recent years got letters from Revenue this week, with tax bills ranging from five thousand to fifty thousand euro.
Many of the farmers had held on to the shares rather than converting them to cash and had not declared them as income.
Independent TD Michael Healy-Rae says he’s been told by Revenue staff that the tax-collection agency has made a mistake as the farmers hadn’t sold the shares.
Fianna Fáil TD John Brassil says the decision by the Revenue Commissioners is baffling and must be reversed.