Exemption from 80% windfall tax welcomed

AN exemption from 80% windfall tax for the sale of one-off sites of less than one acre and €250,000 in value has been welcomed by IFA president John Bryan.

It is proposed in the Finance Bill which gives effect to measures announced in the December Budget.

Relief from the income levy in relation to capital allowances claimed on expenditure to comply with the nitrates directive is also confirmed. But Mr Bryan said he is very disappointed that the rate of carbon tax on farm diesel proposed in the budget is unchanged. “This will impose a further unnecessary cost on farmers and reduce the competitiveness of the sector,” he said.