Capital Gains Tax - Exemption on Disposal of Single Farm Payment Entitlements in Certain Circumstances

The Minister for Finance, on 1 May 2014, announced his intention to provide a capital gains tax exemption for the owners of Single Payment Entitlements where all of those entitlements were leased out in 2013 and where the owners dispose of those entitlements to the lessee before 15 May 2014.

Revenue's Tax & Duty Manual Part 19.06.06 contains details of the exemption, which will be provided for in Finance Act 2014.

Pending the enactment of the legislation, individuals to whom the exemption will apply will not be required to pay capital gains tax on any qualifying disposals that would ordinarily be payable by 15 December 2014.

2 May 2014