The provision defines key terms and scope for farm restructuring relief. "Agricultural land" and "conservation" (per S.I. No. 477 of 2011) are specified; "farmer" means an individual spending not less than 50% of normal working time farming. "Purchase", "sale" and "exchange" of qualifying land are defined (dates are the execution dates of conveyance/transfer; joint ownership treated where co-owners are farmers; interests subject to revesting excluded). "Qualifying land" requires a Teagasc farm restructuring certificate issued under Ministerial guidelines (Minister for Agriculture, Food and the Marine with consent of Minister for Finance) and may be withdrawn by Teagasc. Relevant period: 1 January 2013 to 31 December 2029. Certificates cover first sale/purchase in the relevant period with subsequent sale/purchase within 24 months, or exchanges occurring in the relevant period.

Relief from capital gains tax is provided where consideration for qualifying land acquired equals or exceeds consideration for land sold or exchanged; otherwise the gain is reduced proportionately. Individuals claiming relief must furnish specified information to the Revenue Commissioners (name/address; consideration when acquired; consideration received and consideration paid for replacement land; market values in exchanges; incidental acquisition/sale/exchange costs). Section 547(1) applies where land was not acquired at arm’s length. Timing: information relating wholly to 1 July 2016–31 December 2018 is to be furnished with the 2018 return; matters in 2019 or later with the return for the relevant year. Disposal of replacement qualifying land within five years triggers charge as if relief had not applied, except where disposal is due to compulsory acquisition. Relief may be by discharge, repayment of tax or otherwise.