Finance Act 2007 - Section 16 amends Section 664 of the Taxes Consolidation Act 1997

Finance Act 2007

The 2007 Finance Act was enacted on 2 April 2007. The following is an extract from the Tax Briefing.

Income Tax

Section 16 amends Section 664 of the Taxes Consolidation Act 1997 which is concerned with the scheme of tax exemption for income from long-term leasing of farmland. Currently, for leases of at least 5 years duration, the annual exemption limit is €12,000. For leases of at least 7 years duration the annual exemption limit is €15,000. The section introduces an additional threshold of relief of €20,000 per annum for qualifying leases exceeding 10 years duration. These new arrangements will commence by order of the Minister for Finance following clearance by the European Commission.