Michael Lowry (Tipperary North, Independent)
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178. To ask the Minister for Finance if he will provide an update on the measure introduced in Budget 2013 to provide capital gains tax relief to enable farm restructuring or the swapping of farm land; if EU approval has been given for this measure; if not when such approval is expected; the steps being taken to secure an approval; if he will ensure that any such swaps or transfers undertaken since the 1 of January will be eligible for his relief; and if he will make a statement on the matter. [26998/13]

Michael Noonan (Limerick City, Fine Gael)
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Section 604B Taxes Consolidation Act 1997, introduced by Section 48 Finance Act 2013, provides for a capital gains tax relief for farm restructuring, subject to a commencement order to be made by the Minister for Finance, as EU State Aid approval is required for the relief. This approval has recently been received and the commencement order will be made shortly.

The relief will apply to a sale, purchase or exchange of agricultural land in the period from 1 January 2013 to 31 December 2015 where Teagasc certifies that the transactions are made for farm restructuring purposes. The first sale or purchase, or the exchange, of agricultural land must occur in the period from 1 January 2013 to 31 December 2015 and the subsequent sale or purchase of such land must occur within 24 months of that sale or purchase and on or after 1 January 2013.