Paul Kehoe (Wexford, Fine Gael)
Link to this: Individually | In context | Oireachtas source

75. To ask the Minister for Finance if persons (details supplied) qualify for the retirement relief exemption when transferring their land to their son; and if he will make a statement on the matter. [27827/16]

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

Land which has been let prior to being disposed of can qualify for capital gains tax (CGT) retirement relief in certain situations. One of these situations is where land has been let by an individual at any time in the period of 25 years before the disposal and the disposal is to a child of the individual. In order to qualify for relief, the land must have been owned by the individual and have been used by him or her for the purposes of farming carried on by him or her for a period of not less than 10 years immediately before the letting of the land commenced.

Where the individual is aged between 55 and 65, full relief from CGT applies. Where the individual is aged 66 or over, relief is capped at €3m where the market value of the land disposed of exceeds that amount.

I am advised by the Revenue Commissioners that based on the details outlined by the Deputy, and on the assumption that the father and mother are aged 55 or over, they would qualify for relief in respect of a transfer of their share of the land to their son.