Vol. 571 No. 3
114 Mr. N. O'Keeffe asked the Minister for Finance the amount of capital which is exempt from capital gains tax when agricultural land is sold by a person (details supplied) in County Cork who inherited the agricultural land from their late father approximately two years ago. [21725/03]
I am informed by the Revenue Commissioners that the taxpayer will be chargeable to capital gains tax on the increase in value, during his period of ownership, of the portion of the land sold subject to indexation relief and a deduction for any allowable costs incurred. The first €1,270 of his capital gain is exempt from tax assuming he has no other disposals during that year.
