Cecilia Keaveney
Question:128 Cecilia Keaveney asked the Minister for Finance the cost involved in reducing the writeoff period for capital allowances from seven years to three years for young farmers. [1671/97]
Written Answers. - Tax Reliefs.
I am advised by the Revenue Commissioners that because the available statistics on tax relief for capital allowances do not distinguish between the amounts allowed for young farmers and other farmers, there is no basis on which a reliable estimate of the impact of the change mentioned by the Deputy can be provided.
However, if it is assumed for illustration that 10 per cent of capital allowances claims from the farming sector would qualify for the change, it is estimated that the cost to the Exchequer would be of the order of £18 million to £20 million over three years.