Finance Act 2017

Amendments in relation to certain farming reliefs

65. (1) Section 81AA of the Principal Act is amended by substituting the following for subsection (8):

“(8) This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where—

(a) it is the intention of the young trained farmer, for a period of 5 years from the date of execution of the instrument to—

(i) spend not less than 50 per cent of his or her normal working time farming the land, and

(ii) retain ownership of the land,

(b) the young trained farmer submits a business plan to Teagasc before the execution of the instrument concerned, and

(c) the young trained farmer comes within the meaning of ‘micro, small and medium-sized enterprises’ in Annex 1 of Commission Regulation (EU) No. 702/2014 of 25 June 2014 19 .”.

(2) Section 851A(8) of the Taxes Consolidation Act 1997 is amended—

(a) in paragraph (k), by substituting “purpose,” for “purpose, and”,

(b) in paragraph (l), by substituting “Marine,” for “Marine.”, and

(c) by inserting the following after paragraph (l):

“(m) where relief is granted under section 81D of the Stamp Duties Consolidation Act 1999 and the information is disclosed only to the Minister for Agriculture, Food and the Marine for the sole purpose of complying with Commission Regulation (EU) No. 1408/2013 of 18 December 2013 20 ,”.

19OJ No. L 193, 1.7.2014, p.1

20OJ No. L 352, 24.12.2013, p.9