Peter Burke (Longford-Westmeath, Fine Gael)
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49. To ask the Minister for Finance if the revised capital gains tax entrepreneur relief can be applied to gains arising from the disposal of agricultural assets; the qualifying assets that do qualify; and if he will make a statement on the matter. [23377/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that the revised capital gains tax (CGT) entrepreneur relief applies to an individual who disposes of qualifying assets, including shares in a qualifying company. Gains on such disposals are charged to CGT at the rate of 10%, subject to a lifetime limit of €1m of gains.

For the relief to apply, the assets must be used for the purposes of a qualifying business carried on by the individual or the individual must own a shareholding of at least 5% in a company carrying on a qualifying business. A qualifying business is a business other than the holding of securities or other assets as investments, the holding of development land or the development or letting of land. Business assets must have been owned by the individual for a continuous period of at least 3 years in the 5-year period immediately prior to the disposal. Where the individual disposes of shares in a qualifying company, they must have held the shares for a continuous period of 3 years at any time prior to the disposal.

Agricultural assets used in a qualifying business may be regarded as qualifying assets for the purposes of revised entrepreneur relief.