Fine Gael Community, Rural and Gaeltacht Affairs Spokesperson, Michael Ring TD, has said he will be questioning the Government in the Dáil on plans to abolish a tax exemption for parents who wish to pass on small plots of land to their children. Deputy Ring said that such a move would be an attack on rural families.
“I have heard fears that the Government is hatching a plan to change the tax code affecting parents who want to pass on land to their children. My colleague, Michael D’Arcy, raised this in the Dáil recently and the Taoiseach refused to rule out plans to bring in this measure.”
Under the 1999 Finance Act, a parent can hand over a plot of land of 2.5 acres or less to a child, up to a maximum value of €250,000, without being subject to stamp duty or capital acquisitions tax or capital gains tax.
“Any attempt by the Fianna Fáil/Green Government to abolish the tax exemption for such parents would be an outright attack on rural families and have serious consequences for rural Ireland. I will be demanding answers from Minister Éamon Ó Cuív on what plans the Government has in this regard and assuring him that Fine Gael will be opposing any measure to bring in this tax on rural Ireland,” Dep Ring warned.