Revenue has published a revised income tax guideline booklet which, according to Teagasc, is of major benefit to farmers in the formation and operation of Registered Farm Partnerships.

Teagasc Farm Structures Specialist, Thomas Curran has worked closely with Revenue staff to ensure that this very valuable document is made available to accountants and tax advisors as an online publication.

Curran said that this publication is an extremely valuable booklet and will provide clarity to accountants and tax advisors in the setting up of the farm partnership correctly while also providing guidance on the completion of income tax returns for each partner on an annual basis.

There are four key areas to be addressed during the formation of a registered farm partnership:

  • The on-farm agreement between the parties.
  • The written legal agreement.
  • The interaction with Department of Agriculture, Food and the Marine schemes and structures.
  • Accounting structures.

This booklet provides detailed guidelines on the setting-up of the partnership from Revenue and accounting perspectives.

A statement from Revenue said that the booklet outlines the principal features of the Irish tax system as it relates to farmers establishing, registering and maintaining a Registered Farm Partnership.

It is intended to provide clarity on the tax matters to be considered on forming a Registered Farm Partnership and should serve as a useful guidance document for farmers and their advisors.

Registered farm partnerships can be formed in any farm enterprises or between any combinations of farm enterprises.

Teagasc believes that the booklet, which is available on the Teagasc website, will be invaluable in providing guidance to farmers and their professionals in the formation of registered farm partnerships.