Finance Act 2017

Amendment of section 604B of Principal Act (relief for farm restructuring)

29. (1) Section 604B of the Principal Act is amended by inserting the following after subsection (3):

“(3A) Where an individual is entitled to relief in respect of the whole or part of a gain under subsection (2) or (3), as the case may be, the individual shall furnish to the Revenue Commissioners, on a form provided for that purpose, the following information to enable the Revenue Commissioners to calculate the amount of the gain that would have arisen if the relief had not applied:

(a) his or her name and address;

(b) the consideration paid for the qualifying land, sold or exchanged by him or her, when that land was acquired by him or her;

(c) the consideration received by him or her for the qualifying land on the sale of that land and the consideration paid by him or her for the other qualifying land purchased by him or her;

(d) in the case of an exchange of qualifying land, the market value of the qualifying land conveyed or transferred by him or her for the purposes of the exchange and the market value of the other qualifying land received by him or her in exchange for that land; and

(e) the incidental costs (within the meaning of section 552(2)) relating to the acquisition, sale or exchange of the qualifying land referred to in paragraphs (b), (c) and (d).

(3B) For the purposes of subsection (3A)(b), the provisions of section 547(1) shall apply where the land was acquired otherwise than by means of a bargain made at arm’s length.”.

(2) Subsection (1) applies to disposals made on or after 1 July 2016.