Denis Naughten
Question:118 Mr. Naughten asked the Minister for Agriculture and Food his views on the IFA land leasing proposals; and if he will make a statement on the matter. [30563/03]
Written Answers. - Land Reclassification.
I welcome the announcement made by my colleague the Minister for Finance in last week's budget to extend the leased land exemption which currently applied to farmers over the age of 55. This had been identified as a priority issue by the farm organisations as part of their pre-budget submissions. From 1 January next year the age limit is being lowered to 40 years and the rental income exemption limits are being increased from €5,079 to €7,500 per annum for leases between five and seven years and from €7,618 to €10,000 for leases of seven or more years.
I welcome these improvements which will help improve land mobility and facilitate better long-term planning by farmers who may be required to scale-up production at a reasonable cost. It will be extremely helpful in the context of the implementation of the mid-term review decisions.