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

I move amendment No. 47:

In page 43, between lines 34 and 35, to insert the following:"29. The Minister shall within six months of the passing of this Act, prepare and lay before the Oireachtas a report on the possible extension of the Capital Gains Tax Relief for farm restructuring to Stamp Duty.".

I welcome the Minister's amendment because we have sought progress on this issue. We highlighted to the Minister and the Department the existing section 604B, which gives relief from capital gains tax for farm restructuring. We made the case that it is logical to us that if a farm restructuring is being conducted and qualifies for capital gains tax relief there should be a corresponding or commensurate relief in respect of stamp duty. I acknowledge the work of Deputies McConalogue and Cahill on this issue. We welcome the Minister's amendment. It is real progress in that it will be a 1% rate of stamp duty where the purchase and sale meet the test of the farm restructuring, certified by Teagasc and so on, in terms of the conditions that normally apply to the existing 604B relief.

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