Budget 2014 – Other changes




It is proposed that this very valuable relief will be extended to farmers who dispose of leased land once certain conditions are met, including one specifying that the lease term is for at least 5 years and the sale is not to a child of the farmer.


There were no other specific changes under this heading. However, it should be noted that under changes previously announced a cap of €3 million will apply to Retirement Relief for individuals aged over 66 selling qualifying business or farm assets after 1 January 2014 to family members. Also persons aged 66 or over will see a reduction in the general exemption from €750,000 to €500,000 after 1 January 2014.





The maximum retirement fund or standard fund threshold that a taxpayer may have is reduced from €2.3 million to €2 million from 1 January 2014, although provision is included to protect the capital value of existing pension funds by election before that date.


On a related matter, top slicing relief, which could be quite valuable to certain employees obtaining lump sums from their employers will not apply to payments in 2014 or subsequent years.





After some lobbying, the 9% VAT rate is retained for the Tourism sector. The valuable Film Relief Scheme changes will now be brought forward to 2015.


Kilcoyne & Co Accountants

Accountants in Dublin

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