asked the Minister for Finance if his attention has been drawn to the enormous financial difficulties facing farmers under capital acquisitions tax in view of the increase in property values in recent times; and if he will make a statement on the matter.
Written Answers. - Capital Acquisitions Tax.
52.
The position regarding capital acquisitions tax, as with all taxes, is kept under regular review. It should be noted, however, that agricultural land is already treated favourably under the capital acquisitions tax code in that the value of agricultural land passing to a farmer is reduced by the lesser of 50 per cent or £200,000. No similar relief is provided for persons involved in any other form of business.