News that the Government is looking at its options for tightening the rules around agricultural relief is hardly surprising.

There has been a lot of activity by the country’s super-rich in auction rooms over the last year, with a number of the leading players adding to their already-substantial property portfolios.

So what are the options open to Government?

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It could re-introduce a probate tax on estate assets over a certain value, say €10m.

This tax was there previously – during Charlie McCreevey’s reign – and might be a runner.

Would the Government consider bringing in a land-value tax on total holdings held by connected parties above €10m at a value of say 2%?

For an individual or business with 10,000ac valued at €150m, this would equate to an annual charge of €2.8m.

A land tax would, in essence, be the equivalent of rates and could be payable to the local authority on an annual basis.

It would also solve the problem of funding local Government.

However, the very term ‘land tax’ might be too unpalatable for Fianna Fáil and Fine Gael.

Which leaves possibly the simplest route; that of putting an upper limit on the total value that qualifies for agricultural relief.

Ireland is an outlier in not having such a limit.

Will any of these options fly?

Who knows.

But as one auctioneer said to The Dealer: “Be ready for opposition from strange quarters when you dabble in the land market; and beware of unintended consequences.”