Oireachtas Joint and Select Committees

Wednesday, 19 November 2014

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Finance Bill 2014: Committee Stage (Resumed)

5:05 pm

Photo of Michael CreedMichael Creed (Cork North West, Fine Gael) | Oireachtas source

This is a technical area and it is important we get it right because it is about land mobility. I have a somewhat jaundiced view about the ability to prise land from landowners because there is such a historical attachment to ownership of land, for good reasons. Ireland is different to any other country in this regard. If we think about previous incentives, like the early retirement scheme and installation aid schemes, none of them increased land mobility as policy instruments. We must hope this will happen. It is important that we do not devalue the contribution made by part-time farmers, which is part of the debate. Many farmers looking in from the outside, who are talking about 20, 35 or 40 hours a week, would have a rather jaundiced view of the debate. They do not farm by the clock but on the basis of whatever work must be done. Even part-time farmers exceed the 35-hour or 40-hour week. That is the nature of the business.

I will query these points individually as we go through them. Amendment No. 73, which proposes to amend section 66, refers to going from five-year leases to six-year leases. This concerns exempting the lease from stamp duty. My question applies equally to conveyancing later in the debate. Transfers may occur on the death of someone and are not always predictable If someone inherits a property, there may be a five-year lease that is halfway complete. If there is a lease in place and two years are left, how does this apply? This may apply to someone who stands to inherit but is effectively locked out because of the lease. The person does not want it to run six years from the date of inheritance. This section deals with the lease but it also applies to conveyancing.

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