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

I move amendment No. 156:

In page 133, between lines 23 and 24, to insert the following:

“Agricultural Relief after the United Kingdom leaves the European Union

52.The Minister shall within three months of the passing of this Act, prepare and lay before the Oireachtas a report on whether agricultural land situated in Northern Ireland will qualify for Agricultural Relief on Capital Acquisition Tax and whether land in Northern Ireland will qualify for the 80 per cent test for the Agricultural Relief once the United Kingdom leaves the European Union.”.

This is something the Minister might be able to clarify quite quickly. It is an issue raised with me by a tax practitioner and it relates to the application of agricultural relief in the context of Brexit. Under the definition of "agricultural property", it relates to agricultural land and pasture woodland situated in a member state. The question that has arisen is in the context of Brexit. When the United Kingdom leaves the European Union, what will be the status of land in Northern Ireland in the context of agricultural relief in this jurisdiction?