Revenue has updated the Tax and Duty Manual regarding the relief for certain income from leasing of farmland under section 664 TCA 1997. The updated guidance reflects amendments introduced in Finance (No.2) Act 2023.
The definition of a 'qualifying lessor' has been amended with a new 7-year holding requirement on farmland purchased under a contract entered into on or after 1 January 2024. An explanation of this amendment and the associated anti-avoidance rules are outlined in section 5.
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