Brendan Griffin (Kerry South, Fine Gael)
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304. To ask the Minister for Finance if tax relief is available to a person who disposed of shares to purchase agricultural land; and if he will make a statement on the matter. [21475/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that capital gains tax applies to the disposal of shares. No relief is available in respect of such a disposal where the proceeds of the disposal are used to purchase agricultural land. Individuals who dispose of shares in order to purchase agricultural land are no different to any other taxpayers who may decide to dispose of shares or other assets. 

It is important to bear in mind that it is only an actual chargeable gain that is subject to capital gains tax, not the entire consideration that is derived from a disposal of shares. In addition, an individual can dispose of shares and make a gain of €1,270 each year without incurring any capital gains tax, assuming that he or she did not have any other gains in that year.