Sean Barrett (Independent) | Oireachtas source

This is the same argument. Reading from the explanatory memorandum, the new section gives effect to relief from capital gains tax where Teagasc has certified that the sale, purchase or exchange of agricultural land was made for farm restructuring purposes. Full relief from capital gains tax will be given. This is not the 66 year old, it is a more general application. Land prices are booming and this should be a source of income for the Exchequer, not a source of tax-free capital gains being given away. We have a very severe law for many people as we necessarily restructure the public finances but landowners seem to have a remarkable ability to influence the contents of the Finance Bill and this is another example of that. I will not press the issue because the Minister of State has been most helpful when we have raised these issues, but I welcome Senator Ó Clochartaigh's remarks.