Jim Daly (Cork South West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

60. To ask the Minister for Finance if there are any circumstances or precedent whereby retirement relief from capital gains tax on the sale of agricultural land holdings can be, or has been, granted to persons who have leased their land for more than the specified 25-year rule; and if he will make a statement on the matter. [42117/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am advised by the Revenue Commissioners that Section 598 of the Taxes Consolidation Act 1997 grants Capital Gains Tax (CGT) retirement relief to individuals aged 55 or over  in respect of, among other things, the disposal ofland that has been let in certain circumstances. Land that has been let for up to 25 years in total ending with the disposal of that land will qualify for the relief. Land currently let under conacre arrangements which is disposed of on or before 31 December 2016 or which, on or before that date, is instead leased for minimum periods of 5 years (up to a maximum of 25 years) ending with the disposal can also qualify for CGT retirement relief. This condition does not apply where the land is disposed of to a child of the individual. An overriding condition in relation to the retirement relief is that the land must have been owned and used by the individual for farming purposes for a period of not less than 10 years immediately before the land was first let.

I am also advised by the Revenue Commissioners that there are no circumstances or precedents whereby CGT retirement relief on the sale of agricultural land holdings can be or have been granted to individuals who leased the land for more than the specified 25-year period.