asked the Minister for Finance, if he is aware that owing to the high value of land in recent years, a heavy burden in estate, legacy and succession duty has fallen on the farming community; and if he considers that some form of exemption in respect of agricultural land should be introduced as is the practice in other countries.
Ceisteanna—Questions. Oral Answers. - Death Duties On Agricultural Land.
4.
As the non-dutiable limit for estates is £5,000 net, the average farm is not liable to duty at all unless the deceased owner has substantial other assets and in such cases payment of duty should not be a heavy burden. Furthermore, when duty is payable on agricultural land, it may, unlike duty on other forms of property, be paid by instalments over the eight years following the owner's death. In the circumstances, I do not think that any change is at present called for.
5.
asked the Minister for Finance if he considers that the figures of £5,000 and £15,000 at which estates become liable for legacy and succession duties should be raised in view of the increase in the value of agricultural land and the depreciation in the value of money since those limits were first introduced.
No legacy duty or succession duty is chargeable on benefits taken by a spouse, lineal ancestor or lineal descendant of a deceased person unless the estate exceeds £15,000 when a rate of only one per cent applies. In all other cases these duties are payable where the estate exceeds £5,000. The latter limit was fixed as recently as 1960, the previous limit being £2,000. In view of this, and having regard to the very low rate applicable where the £15,000 limit is relevant, I do not consider that any increase in the limits is called for.