Peter Burke (Longford-Westmeath, Fine Gael)
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134. To ask the Minister for Finance the taxation treatment of milk quota purchased by farmers in order for the sector to correctly claim tax write-offs; and if he will make a statement on the matter. [19322/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that section 669B of the Taxes Consolidation Act 1997 provided for a scheme of tax relief for milk quota purchased prior to the abolition of the EU milk quota regime in 2015. Capital allowances were available on a straight line basis at a rate of 15 per cent per annum over the initial 6 years and 10 per cent in year 7 in respect of qualifying capital expenditure incurred on the purchase of a milk quota. Writing down allowances are no longer available with effect from 2015 as a result of the abolition of the quota. However, in circumstances where a person has unused qualifying expenditure relating to a milk quota for which a writing down allowance has not been claimed, that person may be entitled to claim a balancing allowance for that expenditure. The amount of the allowance to be granted will equal the amount of the unused allowance.