Áine Collins
Question:660. Deputy Áine Collins asked the Minister for Agriculture, Food and the Marine if he will provide details of any tax incentives available to landowners leasing-renting their land for conacre. [19220/14]
View answerWednesday, 30 April 2014
Questions (660)
Written answers
There is no taxation measure aimed at incentivising conacre. However an “Exemption of certain income from leasing of farm land” has been in place for a number of years to encourage longer-term leasing.
There have been some modifications to this measure to enhance its attractiveness since it was introduced. Currently it provides a tax exemption for the first €12,000 of annual leasing income where the lease is for a term of at least 5 years; €15,000 where the lease is for a term of at least 7 years; and €20,000 where the lease is for a term of at least 10 years. The lessor must be aged 40 years or over, or be permanently incapacitated from farming. Leases between close relatives do not qualify.
I have on-going contact with the Minister for Finance to ensure that tax policy reflects the Government’s commitment to agriculture and, in particular, to the objectives of smart, green, growth outlined in the Food Harvest 2020 strategy. A review of tax measures in the farming sector, a joint initiative between my Department and the Department of Finance, was announced in Budget 2014 and is now underway.