Ciara Conway (Waterford, Labour)
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To ask the Minister for Finance further to recent budgetary announcements if a person (details supplied) may qualify for Capital Gains Tax for agricultural land rollover relief; and if he will make a statement on the matter. [56824/12]

Michael Noonan (Limerick City, Fine Gael)
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Relief from capital gains tax was available where a farmer sold land and used the proceeds to purchase other land for use in farming. This relief (commonly referred to as roll-over relief) was a deferral of the capital gains tax until the replacement land was sold or ceased to be used for the purposes of farming. However this relief ceased with effect form 4 December 2002. You will be aware that I announced in Budget 2013 that I am introducing relief from capital gains tax, to enable farm restructuring, where the proceeds of a sale of farm land are reinvested for the same purpose. This relief will apply to the sale and purchase of farm land and to farm land swaps within 24 months of each other, during the period commencing 1 January 2013 and ending on 31 December 2015, subject to certification by Teagasc for all transactions seeking relief.

I understand that the person whose details you supplied bought farm land earlier this year. The purchaser would not have a Capital Gains Tax liability on this transaction. The relief announced in Budget 2013 will not apply in relation to transactions that take place before 1 January 2013.

Kevin Humphreys (Dublin South East, Labour)
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To ask the Minister for Finance the rate of taxation to which credit union dividends are subject; and if he will make a statement on the matter. [56214/12]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that dividends arising on credit union share accounts are subject to tax as follows:

-Regular Share Accounts: The credit union member is required to declare the amount of dividends received on his/her annual tax return form and to pay tax on this amount at his or her marginal rate of income tax. In addition, the dividend income will be subject to the Universal Social Charge at the appropriate rate.

-Special Share Accounts: Dividends arising on special share accounts are subject to Deposit Interest Retention Tax (DIRT) at the rate of 30 per cent (33 per cent from 1 January 2013) and the account holder has no further liability to tax. The Universal Social Charge does not apply to interest income subject to DIRT.

-Special Term Share Accounts: These accounts are subject to a tax regime whereby the first €480 (in the case of medium-term accounts where the money is held for at least 3 years) or €635 (in the case of long-term accounts where the money is held for a minimum of 5 years) of dividends is exempt from tax. Dividend payments in excess of these limits are subject to DIRT at the rate of 30 per cent (33 per cent from 1 January 2013) and the account holder has no further liability to tax including the Universal Social Charge.

In addition the Deputy should note that dividends arising on special share accounts or special term share accounts that are held by persons: aged over 65 whose total income is less than the age exemption limits, or who are permanently incapacitated and who would be entitled to a refund of DIRT if the tax were deducted from their dividend income, qualify for exemption from DIRT on credit union accounts in the same way as for deposit interest earned on bank account.