Matt Carthy
Ceist:28. Deputy Matt Carthy asked the Minister for Finance the specific tax reliefs available to farmers which are due to expire in 2022/2023; and if he will make a statement on the matter. [34734/22]
Amharc ar fhreagraWednesday, 29 June 2022
Ceisteanna (28)
Freagraí scríofa
The following table lists the tax reliefs specific to the farming sector which are due to expire in either 2022 or 2023, including the relevant legislative provision and sunset date.
|
Relief |
Legislative provision |
Sunset |
|
CGT Relief for Farm Restructuring |
Section 604B Taxes Consolidation Act 1997 |
31 December 2022 |
|
Stock Relief on Income Tax for Certain Young Trained Farmers |
Section 667B Taxes Consolidation Act 1997 |
31 December 2022 |
|
Stock Relief on Income Tax for Registered Farm Partnerships |
Section 667C Taxes Consolidation Act 1997 |
31 December 2022 |
|
Acceleration of wear and tear allowances for farm safety equipment |
Section 285D Taxes Consolidation Act 1997 |
31 December 2023 |
|
Stamp Duty Exemption on Transfers of Land to Young Trained Farmers |
Section 81AA Stamp Duties Consolidation Act 1999 |
31 December 2022 |
|
Stamp Duty relief on Farm Consolidation |
Section 81C Stamp Duties Consolidation Act 1999 |
31 December 2022 |
|
Stamp Duty Consanguinity Relief on Non-Residential Transfers |
Schedule 1 Stamp Duties Consolidation Act 1999 |
31 December 2023 |
Five of these reliefs are due to expire at 31 December 2022. As each relief is categorised as a State Aid, extending them requires European Commission approval under the Agricultural Block Exemption Regulation (ABER). A new ABER is expected to be in place by the time of Budget 2023.
Any extension of the reliefs beyond their current sunset dates will fall to be considered by Government as part of the Budget and Finance Bill process.