Michael McGrath (Cork South Central, Fianna Fail)
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I will go through the points raised by the Deputy. Subsection 1 amends the Taxes Consolidation Act 1997. The Deputy has highlighted subsection 1(a)(i), which updates the legislative references in the section to revise the agriculture block exemption regulation, ABER. The reference is used in the context of the definition of "micro enterprise" and "small enterprise" as provided for in article 2 of annex 1 to the ABER. No changes are required to be made to the definitions of "micro enterprise" and "small enterprise" as contained in article 2 of annex 1 to both the previous ABER and the revised ABER.

Subsection 1(a)(ii), as the Deputy says, reduces the threshold for publication of relief granted under section 285D, from €60,000 to €10,000. Subsection 1(b) amends section 604B of the 1997 Act to extend the capital gains tax, CGT, relief that is currently available for the purchase, sale or exchange of land in order to achieve the consolidation of farmland holdings, thus reducing the fragmentation of farm holdings and improving the operation and viability of consolidated farms. The amendment extends from 30 June this year to 31 December 2025, the latest date on or before which the initial purchase, sale or exchange of land must occur for the purposes of CGT farm consolidation relief.

The amendment extends, from 30 June this year to 31 December 2025, the latest date on or before which the initial purchase, sale or exchange of land must occur for the purpose of the capital gains tax farm consolidation relief.

The Deputy mentioned subparagraph (c)(ii), which amends section 658A to update the legislative references from the previous agricultural block exemption regulation, ABER, to the revised one. The reference is used in the context of the definitions of microenterprise and small enterprise provided for in Article 2 of the Annex I to the ABER. No change is required to be made to either subjection as the definitions of microenterprise and small enterprise are contained in Article 2 of Annex I to both the previous ABER and the revised ABER.

The costs of these reliefs are generally comparatively low. I do not have a forecast to hand but we can follow up on this and provide the information in writing to the committee.