I take it the question raised by the Deputy refers to Capital Acquisitions Tax (CAT) agricultural relief. In order to qualify for this relief an individual receiving a gift or inheritance of agricultural property must qualify as a farmer. For the purpose of the relief a farmer is an individual at least 80% of whose assets constitute agricultural property.
The relief takes the form of a reduction in the market value of the agricultural property - currently by 90% - for the purposes of establishing the Group thresholds and determining whether or not a CAT liability arises on a transfer. This relief has increased over the years from an original reduction of 50% when CAT was introduced in 1975. The relief will be withdrawn if the agricultural property is sold or compulsorily acquired within six years of or, in certain circumstances, ten years of the gift or inheritance unless the proceeds are reinvested in other agricultural property.
Preparations for Budget 2014 and the consequent Finance Bill have commenced. It would not be appropriate to comment on what changes, if any, are being considered in this area nor any other area.