The Government has no plans to restrict the purchase or ownership of land by non-farmers and investors, or to limit the agricultural tax relief available on the inheritance of farmland.

The Minister for Agriculture Charlie McConalogue claimed that the imposition of any restrictions would not be in the interests of farmers, big or small.

“I am not aware of any current Government proposals,” Minister McConaloge insisted.

“Issues relating to the ownership of private property are subject to very significant and complex legal, constitutional and policy considerations,” Minister McConalogue said in response to a written Dáil question from Cavan-Monaghan TD Brendan Smith.

Minister McConalogue pointed out that “limitations on the sale of farmland land for non-farming purposes, could reduce the availability of land for housing or other purposes”.

“Perhaps more significantly, any such proposals would involve significant restrictions on the constitutional rights of farmers, including small holders, wishing to sell their land,” the minister maintained.

A recent survey by the Irish Farmers Journal found that nearly two-thirds of farmer respondents wanted greater restrictions on the sale of farmland to non-farmers.

Sixty-eight per cent of the farmers surveyed called for tighter rules around the sale of land to non-farmers and investors.

However, 35% of the respondents admitted to being uncomfortable or very uncomfortable with increased regulation of land ownership.

Increased activity in the land market by some of the country’s wealthiest individuals – including John Magnier of Coolmore Stud and Ryanair’s Michael O’Leary – has sparked farmer unease.

It is estimated that Magnier and Coolmore Stud now own close to 10,000ac in Tipperary alone, while O’Leary recently paid €3.95m for two tillage farms comprising 253ac in Westmeath.

Agricultural land is viewed as both a safe haven in investment terms, and a very tax efficient means of transferring wealth to the next generation because of the unlimited agricultural reliefs available to those who inherit farmland. This slashes the inheritance tax by around 90%.