Michael McCarthy (Cork South West, Labour)
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137. To ask the Minister for Finance in relation to the 15 year rule regarding capital gains tax, the relief available to a person (details supplied); and if he will make a statement on the matter. [22904/14]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that retirement relief from Capital Gains Tax (CGT) may be available to an individual on the disposal of all or part of the chargeable business assets of his/her business or farm, subject to meeting the conditions set out in Section 598 of the Taxes Consolidation Act 1997.

With regard to the particular instance set out by the Deputy, relief may apply where the farm is being transferred to the owner's child referred to as a disposal in the Act where the person making the disposal is an individual aged 55 years or more at the time of the disposal. Furthermore, the disposal must be of qualifying assets which have been owned by that individual for a minimum period of time prior to the disposal.

It appears from initial Revenue enquiries that relief may be available in this case, notwithstanding certain time limits referred to by the Deputy. The applicable rules and conditions are however complex, and it would be necessary for the taxpayer or his agent to provide all of the details to permit a final determination to be made. The taxpayer or his agent should contact Ms Karen Drake (021-6027268) at Revenue House, Cork to resolve the matter.