Andrew Doyle (Wicklow, Fine Gael) | Oireachtas source

I thank the delegates for attending. I also thank members. It is a fair point, especially in terms of anything that would affect the tax code in the upcoming budget. We all agree to work on a submission to the two Ministers. There may be merit in inviting officials to come before the committee, but, notwithstanding this, we have to do something about the concept of tax credits.

A point made last week by a gentleman in a presentation on inheritance tax was that if somebody inherited even 100 acres of land with a nominal value of €3,000 an acre, on which there was a house worth €100,000, he or she would fall below the 80% asset rule and, therefore, would not qualify for agricultural relief, which was never the intention. If it was to be given a value by way of either a tax credit or compensation, it would increase its tradeable value. It was an unforeseen consequence. Rather than have a derogation, the land should be given a value to bring it back up to what it would have been prior to designation. There are two aspects to the matter, namely, land value and compensation. A two-pronged approach is needed. We will work on that issue.

As this is our last meeting before September, we will circulate material to members and work on feedback-----