Written answers

Tuesday, 6 May 2014

Department of Agriculture, Food and the Marine

Tax Code

Photo of Michael LowryMichael Lowry (Tipperary North, Independent)
Link to this: Individually | In context | Oireachtas source

345. To ask the Minister for Agriculture, Food and the Marine if he will detail the tax implications for farmers arising from his proposal on the transfer of single farm payment under the new common agricultural policy scheme which states that 100% of leased entitlements may be lost to both lessor and lessee unless a permanent transfer or sale is made; if he will take steps to address the significant tax implications associated as a result of these sales/transfers; and if he will make a statement on the matter. [20108/14]

Photo of Simon CoveneySimon Coveney (Cork South Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

My colleague the Minister for Finance, Michael Noonan TD, has announced his intention to provide a capital gains tax (CGT) exemption in this year’s Finance Bill to certain farmers who dispose of their single farm payment entitlements on the basis of advice from my Department to transfer those entitlements before 15 May. This issue, which had been the subject of detailed discussions between our two Departments, arose due to a necessary technical adjustment arising from the recent changes in the Common Agriculture Policy regulations and affected those who had been leasing out all of their farmland and single farm payment entitlements. This decision is important in that it maintains confidence in the long-term leasing of farmland and its contribution towards achieving the goals set out in Food Harvest 2020 and it will put an end to the uncertainty facing those farmers who would have been adversely affected.

Comments

No comments

Log in or join to post a public comment.