Poll: How do you feel about Budget 2016?
Budget 2016 has been broadly welcomed by farming groups but do you think it did enough for farmers?
The Department of Agriculture, Food and the Marine has been allocated €1.3 billion in Budget 2016, by the Minister for Finance Michael Noonan.
The Minister for Finance announced an extension of the general stock relief, the stock relief for young trained farmers, the stock relief for registered farm partnerships and the stamp duty exemption for young trained farmers for a further three years to the end of 2018.
He also said he would be introducing a new succession transfer proposal to provide increased certainty about the timing of the transfer of a family farm to the next generation of farmers.
The proposal, which is subject to state aid approval, will allow two people, for example family members, to enter into a partnership with an appropriate profit-sharing agreement which makes provision for the transfer of the farm to the younger farmer at the end of a specified period, not exceeding 10 years, Minister Noonan said.
To support this transfer, the Minister announced that an income tax credit worth up to €5,000 per annum for five years will be allocated to the partnership and split according to the profit-sharing agreement.
You can have your say on Budget 2016 in the following Agriland poll: