A major revamp of the tax reliefs relating to land inheritance is being demanded by the farm organisations to halt the hoovering up of farmland by the country’s super-rich.

The farm bodies claimed that agricultural reliefs were being used by the country’s wealthiest land owners, including Coolmore’s John Magnier and Ryanair’s Michael O’Leary, to minimise inheritance taxes. They claim that the land market is being distorted as a consequence.

While the IFA, ICMSA and ICSA all welcomed the changes announced in the recent budget which restrict access to agricultural reliefs, they called for more to be done to curb the impact of investors and speculators on the land market and land prices.