I propose to take Questions Nos. 180 and 200 to 202, inclusive, together.
Section 667B of the TCA provides for a scheme of enhanced stock relief at the rate of 100% for “qualifying farmers” (who are often referred to as young trained farmers). The measure is due to sunset on 31 December 2021.
I am advised by Revenue that tax returns do not contain the level of detail necessary to determine the number of relevant farmers up to 40 years of age who will meet the criteria required to claim the enhanced stock relief for young trained farmers, specifically the requirement that the taxpayer satisfies the academic and training standards. Therefore, Revenue further advise that it is not possible to estimate the cost of the policy measure outlined.
In relation to the amount claimed in enhanced stock relief, farmers in the age groups outlined by the Deputy are not eligible for the enhanced stock relief for young trained farmers, which is only available to farmers under the age of 35.
I am also advised by Revenue that the amount of relief claimed via enhanced stock relief for young trained farmers and the number of those availing of the relief are available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/tax-expenditures/costs-tax-expenditures.pdf.
The following table contains data up to and including 2018, the latest year for which returns are currently available:
-
|
2018
|
2017
|
2016
|
No. of participants
|
420
|
530
|
500
|
Cost (€m)
|
1.2
|
1.5
|
1.4
|
This measure is due to sunset on 31 December 2021. As the Deputy will appreciate, matters concerning the introduction of new reliefs and the extension of existing reliefs fall to be considered by me in the context of the annual Budget and the subsequent Finance Bill. That process is underway.