Guidance from Revenue on the income tax exemption for certain income arising from leasing of farm land is updated to include the changes introduced by Finance Act 2014. With effect from 1 January 2015 the age restriction or the requirement to be permanently incapacitated are removed.

The conditions for the relief, how the relief operates and the changes effective from 1 January 2015 are detailed in the guidance note. It is also noted that a company may be an eligible lessee provided it is not connected with or controlled by the qualifying lessor(s).

The guidance note is available to read on here.