# Land Purchase annuity



## paulocon (20 Aug 2004)

Hi,

Anyone know what Land Purchase annuity is?
Inherited some land from my father and am in the process of having it transferred.


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## Guest (20 Aug 2004)

Anything useful here?


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## whocares (20 Aug 2004)

*Land annuity*

Paul

Got this from the Dept of Agric website - hope it helps

MINISTER WALSH ANNOUNCES THE PUBLICATION OF A NEW LAND BILL

- A Write Off And Buy Out Scheme For Existing Land Purchase Annuities to be Introduced -
- Transfer of Land used by Sports Clubs and Community Groups to be facilitated - 
The Minister for Agriculture and Food, Mr Joe Walsh TD, announced the publication of a new Land Bill, which paves the way for a write-off of small land annuities including arrears, where the annual sum payable is not more than €200 per annum and introduces a scheme to allow farmers with annuities over this amount to buy out their annuities at a discount of 25%, subject to all outstanding arrears being paid in full. It is intended that the discounted buy-out scheme will be available for a limited period following the enactment of the Bill. 

Minister Walsh said that this was good news for nearly 7,000 farmers. The discount of 25% subject to all outstanding arrears being paid in full is one element of this proposed legislation. Another pro-active feature of the Bill is that it facilitates the enhanced collection powers of the Department making it more difficult for annuitants to fall into debt. The Minister urged all annuitants to actively consider the generous discounted buy out scheme. For cost effective reasons some 4200 farmers who have small annuities (not more than €200 pa) will have their debt written off. These provisions could, if the discounted buyout is fully taken up, extinguish the further collection of land annuities and bring to a close an outdated land purchase mechanism originating in the 19th Century.

In announcing the Bill the Minister said that it also provides for a number of amendments to the Land Acts arising from the dissolution of the Land Commission in 1998. Among these amendments is one to allow the Minister for Agriculture and Food to facilitate the transfer of title in respect of former Land Commission trust property at the request of the trustees. The Minister said that this will remove the current onerous legal, financial and ongoing management burdens placed on trustees as individuals and will facilitate the transfer of land currently used by sports clubs and community groups to such organisations. In particular some 250 GAA grounds around the country, at present requiring Ministerial intervention to appoint trustees, should be transferred to full GAA ownership. It is hoped that this will enable the development of these lands resulting in better facilities and grounds.

Minister Walsh pointed out that another proposal in the Bill intended to reduce bureaucracy is the repeal of both section 12 and section 45 of the Land Act 1965.

Section 12 was introduced at a time when there was a need for comprehensive control of the division, letting or leasing of agricultural land and when the former Land Commission was primarily engaged in the elimination of congestion and fragmentation of agricultural land. Now that the State is no longer engaged in acquiring or redistributing land there is no need for continuing sub-division control.

Section 45 requires that the consent of the Minister for Agriculture and Food must be obtained before non-EU or EEA nationals may purchase agricultural land in the State. The section has been amended several times to make it consistent with our European membership obligations. With further enlargement of the European Union the section currently imposes un-necessary red tape and additional costs on those buying or selling land. 

The Minister concluded by re-affirming that the proposed Bill will meet one of the commitments contained in the farming element of the Sustaining Progress agreement and demonstrates the Government's commitment to the farming sector and the partnership process.

18 July, 2004


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