Dan Neville
Question:111 Mr. Neville asked the Minister for Finance if he will give 100% stock relief to young trained farmers who meet certain criteria as provided in the Finance Act, 2001. [22741/02]
Written Answers. - Tax Reliefs.
Section 48 of the Finance Act, 2001, provided for an extension from the then existing 5 April 2001 deadline until 31 December 2002 for the special incentive stock relief of 100% for certain young trained farmers. As the Deputy will appreciate, in accordance with the usual procedure in the per iod prior to the budget, it would not be appropriate for me to comment one way or the other in regard to the suggested taxation changes referred to by the Deputy.
Dan Neville
Question:112 Mr. Neville asked the Minister for Finance if he will retain and extend for a further five years, 100% stamp duty relief for young trained farmers who receive land by means of inheritance or gift. [22742/02]
The Deputy is referring to a relief known as young trained farmers relief. This relief was introduced by section 112 of the Finance Act, 1994, which provided for a two thirds reduction in stamp duty on the transfer of land to a young trained farmer. This relief was introduced on foot of commitments in the Programme for Competitiveness and Work for a three year period until 31 December 1996.
In the context of structural reform identified in the Partnership 2000 programme, section 126 of the Finance Act, 1997, extended the relief for a further three years, up to 31 December 1999. Under the terms of the Programme for Prosperity and Fairness, the two thirds relief was increased to full stamp duty relief in section 126 of the Finance Act, 2000, for a further three years until 31 December 2002. It is estimated that the cost of this relief in 2002 will amount to €9.4 million.
For the purposes of the relief, a young trained farmer is one who is under 35 years of age at the date of execution of the transfer; is the holder of one of the specified qualifications, for example, the Teagasc certificate in farming; or, if born before 1 January 1968, has three years experience in farming together with satisfactory completion of Teagasc training courses in agriculture and horticulture of 180 hours' duration. Where the transferee has completed at least one academic year of the Teagasc certificate in farming at the date of execution of the transfer, he or she may obtain the relief by way of a refund provided that the qualification is obtained within three years of the date of execution of the transfer.
As the Deputy will appreciate, given the forthcoming budget and the ongoing discussions with the social partners regarding a potential successor to the Programme for Prosperity and Fairness, it is not appropriate for me to comment at this stage on the possibility of extending this relief for a further period.