Written answers

Tuesday, 19 July 2016

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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195. To ask the Minister for Finance the outstanding measures in the Finance Act 2015 and previous Finance Acts subject to EU approval; and if he will make a statement on the matter. [22437/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that the outstanding measures in the Finance Act 2015 and previous Finance Acts which are subject to European Union approval are as follows:

Exemption from Stamp Duty (Section 70 Finance (No. 2) Act 2013)

Exemption from Stamp Duty on the transfer of shares of companies listed on the Enterprise Securities Market of the Irish Stock Exchange, remains subject to State Aid approval. The proposed measure aims to encourage entrepreneurs and growing businesses to use public equity markets as a source of funding for growth and the creation of jobs. Discussions are on-going with the EU Commission.

Relief from stamp duty on agricultural leases (Section 74 Finance Act 2014)

It is proposed that this relief would apply to leases for a period of not less than 6 years and not more than 35 years. The land must be used exclusively for farming carried on by the lessee. The lessee who acquires the lease of the land must be either a farmer with an agricultural qualification or a farmer who spends not less than 50% of his or her normal working time farming on a commercial basis and with a view to the realisation of profits. This relief is subject to a Commencement Order pending State Aid approval by the European Commission. In this regard, Responsibility for discussions with the Commission lies with the Department of Agriculture, Food and the Marine.

Succession Farm Partnerships (Section 667D Taxes Consolidation Act 1997 as inserted by Section 19 Finance Act 2015)

A limited tax relief for Succession Farm Partnerships was introduced in Budget 2016. This is a succession planning model that encourages older farmers to form partnerships with young trained farmers and to transfer ownership of the farm, within a specified period, to that young trained farmer. As this measure requires the approval of the European Commission, a commencement order was included in the Finance Act 2015 pending this approval.

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