Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I move amendment No. 119:

In page 47, to delete lines 31 and 32.

When the three-year extension of the capital gains tax farm restructuring relief to 31 December 2019 was announced in budget 2017, it was understood that this extension would require State aid approval. Accordingly, a requirement for a commencement order for this measure was included in section 28(2) of the Finance Bill, as published.

It subsequently emerged that State aid approval is not required. Hence, there is no requirement for a commencement order. For this reason, section 28(2) of the Bill is being deleted. This will have the beneficial effect of ensuring that the extension of the relief will take effect immediately on the expiry of the current deadline 31 December 2016. As a result, farmers availing of the relief will not face any potential delay in benefitting from it. I commend the amendment to the committee.