Kieran Coughlan: Income tax shock for milk suppliers to Kerry Co-op

Revenue has issued letters to Kerry Co-op milk suppliers this week.

The letter requests that taxpayers review their returns for the years 2011 to 2013, on the basis that milk suppliers received shares under the Kerry Co-op patronage scheme.

The Revenue letter outlines their position that the shares were received as a result of and in proportion to the quantity of milk supplied in those years, and that the value attributable to those shares should be factored into the income tax returns of those years.