Deirdre Clune (Cork South Central, Fine Gael)
Link to this: Individually | In context

Question 161: To ask the Minister for Agriculture, Fisheries and Food the value of stock relief, agricultural relief and retirement relief to the farming sector in each of the years 2007, 2008, 2009 and to date 2010; and if he will make a statement on the matter. [43467/10]

Brendan Smith (Cavan-Monaghan, Fianna Fail)
Link to this: Individually | In context

I am informed by the Revenue Commissioner that the Exchequer cost of the tax reliefs outlined by the Deputy are as follows.

The estimated cost to the Exchequer of stock relief for 2007, the latest year for which information is available, is two million euro. This figure is the estimated cost of renewing the general 25 percent stock relief for farmers and the special incentive stock relief of 100 percent for certain young trained farmers. It should be treated as the best estimate available but the calculation is subject to a considerable margin of error.

The relevant information available on the cost to the Exchequer of retirement relief from capital gains tax on the disposal of assets by the farming sector is based on personal income tax returns filed by non-PAYE taxpayers, whose main activity was farming. The sector identifier used on the tax records is based on the 4-digit NACE code (Rev. 1), which is an internationally recognised economic activity code system. This information is as follows for the total years available.

Tax Year Estimated Cost Of Retirement Relief

2007 €52.3m

2008 €49.0m

The information available on the cost to the Exchequer of agricultural relief is based on capital acquisition tax returns filed for 2008 and 2009, the latest years available, and are as follows:

Tax Year Estimated Cost Of Agricultural Relief

2008 €113m

2009 €110m

Information in relation to 2007 is not available.