Munster Express Online

Fine Gael Agriculture Spokesperson Michael Creed has described the 80 per cent rate of Capital Gains Tax on windfall gains on the sale of land as an attack on rural Kilkenny  and in particular Kilkenny Farmers.  

Speaking as the second stage debate on the NAMA legislation has resumed in the Dáil, Deputy Creed (pictured0 said: “The proposed 80 per cent tax rate amounts to nothing more than an attack on rural Kilkenny by this Fianna Fáil-led Government at the behest of the Greens.  

“The targeting of Kilkenny landowners in the NAMA legislation whilst bailing out bankers and property developers is a despicable move.”

Deputy Creed, a potential Agriculture Minister in waiting, added: “Farm families have suffered more than most in the economic downturn as illustrated by the Teagasc Farm income survey which showed farm incomes tumbled by 13.7 per cent in 2008 with the figure expected to be far worse in 2009.  

“The Government’s decision to cut the disadvantaged area scheme, the suckler cow scheme, the early retirement scheme and REPS, to name but a few, has led to a financial crisis in farming circles.

“The one safety net available to farmers to protect their liquidity was the value of their land.  The ability the sell their farm holding or a portion of it, be it for agricultural or development purposes, in order to generate capital was the one guarantee open to landowners.  

“Now this Government’s decision to implement an 80 per cent tax rate on such sales amounts to nothing short of an assault on the fundamental rights of farm families.”