Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

It was the last year before the collapse in 2007, which was the high point in terms of yield. I will see if we can get more precise information. GDP fell off a cliff by 12.5%.

I might put my speaking note on section 47 on the record to make sure all my ducks are in a line. This section amends section 599 of the Taxes (Consolidation) Act 1997, which deals with CGT retirement relief on the disposal by individuals of business and agricultural assets to their children and certain others. The Finance Act 2012 introduced a limit of ¤3 million on the value of disposals qualifying. It is not the case that someone must have ¤3 million in his back pocket; it is on the value of disposals qualifying for the relief from next year by individuals aged 66 and over.

Section 47 ensures that relief from CGT will apply to disposals of qualifying business or agricultural assets by individuals aged 66 or over on or after 1 January 2014, where the consideration for the disposal is ¤3 million or less in terms of the total value. This section also provides for the aggregation of the consideration of disposals made on or after 1 January 2014 by such individuals in the disposal. It is a ¤3 million lifetime limit.

My understanding is that the section is to encourage farmers to move their farms on to younger farmers. It is not a question of a subsidy or a tax break but an encouragement in terms of economic activity and viability of agriculture land.