James Breen (Clare, Independent)
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Question 110: To ask the Minister for Finance if there is a capital gains tax or capital acquisitions tax liability for a person (details supplied); and if he will make a statement on the matter. [37173/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that the transfer of the farm by the farmer to his son is a disposal by the farmer for capital gains tax (CGT) purposes. As the parties are related the consideration is deemed to be the market value of the farm at the time of transfer. The chargeable gain is the difference between the deemed consideration, net after the costs of transfer, and the costs of acquiring the farm after adjustment for inflation. The first €1,270 of an individual's annual gains are exempt. The balance is chargeable to CGT at the prevailing rate, currently 20%.

By way of general information relief from CGT is available where an individual, aged 55 years or over, disposes of certain business assets. These include land which has been leased under the 1992 or the 2000 EU "Early Retirement from Farming" Schemes, where the land was, for a period of 10 years or more immediately prior to it being leased, owned by the individual and used by him or her for the purposes of farming throughout that period. Full relief is available where the disposal is to a child although the relief is clawed back (and charged on the child) if the land is sold within six years of the transfer. The Deputy should contact the Revenue Commissioners if he would like further information on the availability of the relief in this case.

I am further advised by the Revenue Commissioners that for the purpose of both Gift and Inheritance Tax (Capital Acquisitions Tax), the relationship between the person who provides the gift or inheritance (the disponer) and the person who receives the gift or inheritance (the beneficiary), determines the maximum tax-free threshold- known as the "Group Threshold". The indexed Group threshold applying to a gift or inheritance received by a child from his/her parents is the Group A threshold and for 2006 this is €478,155. Any other gifts/inheritances that might have been received by the beneficiary from within the same Group A threshold (ie from parents) since 5 December 1991 will also be taken into account when applying the threshold for the purposes of calculating the gift/inheritance tax. The transfer of a farm valued at €168,000 from a father to a son is below the Group A tax-free threshold of €478,155 for gifts/inheritances taken by a child from parents and, assuming the son has received no other gifts/inheritances from parents since 5 December 1991 which, when aggregated with the current gift, would exceed €478,155, no Capital Acquisitions Tax will arise on the gift of the farm by the father to his son.

Michael Lowry (Tipperary North, Independent)
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Question 111: To ask the Minister for Finance his views on removing Government stamp duty on ATM, credit and debit cards in budget 2007; the stamp duty received by the Exchequer on such cards each year since 2000; the number of people who have paid such charges in each year since 2000; and if he will make a statement on the matter. [37242/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that the yield of stamp duties on ATM, credit and debit cards in each year from 2000 to 2005 is as shown in the table.

The numbers available are in respect of chargeable ATM and debit cards, and of the chargeable accounts of credit and charge cards, and are set out in the table.

Stamp, along with all other taxes, is subject to review every year in the context of the annual Budget.