Agri-food

Irish Tax Update – Fisher Tax Credit

Sasha Kerins Sasha Kerins

Finance Act 2016 introduced the new Fisher Tax Credit. The annual tax credit of €1,270 is available to both sole traders and employees satisfying the conditions of the relief from 1 January 2017.

Conditions of Fisher Tax Credit

Both full-time and part-time fishers may claim the credit provided:

  • they are Irish Tax Resident;
  • spend at least 80 days at sea actively engaged in sea-fishing including crustaceans and molluscs; and
  • they are assessable to income tax under Schedule D or Schedule E.

In addition the vessel on which an individual fishes must be licenced by an EU Member State and registered on the EU Community Fishing Fleet and used solely for sea-fishing.

Restrictions of Fisher Tax Credit

An individual involved in fishing for salmon, fresh water eels or engaged in aquaculture may not claim the credit.

An individual may not claim both the Seafarer Tax Credit and the Fisher Tax Credit in the same year of assessment.