Minister for Finance Michael Noonan announced on Wednesday an exemption from capital gains tax for payments under the new raised bog restoration incentive scheme.

Capital Acquisitions Tax

"Increasing asset prices are resulting in higher tax demands when family homes are being passed from one generation to the next," Minister for Finance Michael Noonan said in his Dail speech today. "To help address this, the Category A threshold that applies to inheritances/gifts from parents to their children is being increased by €30,000 to €310,000. I am increasing the Category B and C thresholds by 8% and I will revisit these thresholds in the coming years with a view to increasing them further."