Tax Code.

Dáil Éireann Debate, Tuesday - 4 July 2006

Tuesday, 4 July 2006

Questions (277)

Mary Upton

Question:

290 Dr. Upton asked the Minister for Finance the number of farmers over 40 years of age who lease out land for a period of seven years or more who benefitted from the rental income tax exemption in 2005; the number of farmers over 40 years of age who lease out land for a period of five to seven years who benefitted from the rental income tax exemption in 2005; the number of young trained farmers who benefitted from the provision of full stamp duty relief in 2005; the number of farmers who benefitted from stamp duty relief for land swapped for the purpose of farm consolidation; and the cost to the Exchequer in respect of each of these schemes in 2005. [26362/06]

Written answers

Minister for Finance (Mr. Cowen)

The exemption from income tax of certain farm land leasing income is confined to individuals who are aged 40 years or more (or regardless of age if permanently incapacitated by mental or physical infirmity from carrying on a trade of farming).

I am informed by the Revenue Commissioners that the number of farmers availing of the leased land relief scheme is tentatively estimated at approximately 5,700 in 2003, which is the last full year where data relating to all types of rental income is available, with a cost to the Exchequer in the order of €5 million. It is not possible to distinguish this estimate between the different rental periods.

The number of transactions which benefited from the Young Trained Farmer Stamp Duty Relief in 2005 was 1150, at an estimated cost of €31 million to the Exchequer. In respect of the stamp duty relief for farm consolidation I am also informed by the Revenue Commissioners that, as the scheme was only recently introduced, the numbers of claims, as well as the cost to the Exchequer, in respect of the relief received in 2005 by them have been small.