Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am speaking on amendment No. 76 in my name. The issue I am highlighting is the need to extend the existing exemption from capital gains tax that applies to certain farm restructuring transactions to the stamp duty that would apply to such transactions. In other words, the exemption that already applies to CGT would also apply in respect of stamp duty for farm restructuring. I, along with my colleagues, Deputies Jackie Cahill and Charlie McConalogue, attended a meeting with the Department of Finance and Revenue on this issue to make the case and to explain where we are coming from. The Minister will be aware of the existing relief, section 604B of the Taxes Consolidation Act 1997, in respect of farm restructuring and which has to be certified by Teagasc. It will be in place up to the end of 2019, and provided that certain strict conditions are met involving the sale and purchase of land to consolidate a farm holding, there is an exemption from CGT on the sale portion. We are advocating that there would be a consistency of policy and that equally stamp duty should not apply to the transaction, on either the sale side or the purchase side.

I framed it in the form of a report but I hope that we can get an amendment on Report Stage to put what we are looking for into effect.