Young farmers to benefit in this year’s budget

The stock relief schemes currently available to farmers have been extended for a further three years, the Minister for Finance, Michael Noonan announced today (October 13).

Presenting the Governments Budget  for 2016, Minister Noonan said that these schemes will be extended until the end of 2018.

Speaking in the Dail, Minister Noonan highlighted this extension and what groups of farmers they will benefit.

Young trained farmers now, have an additional three years to apply for both the young trained farmers stock relief and the stamp duty exemption for young trained farmers.

The general stock relief has also been extended until 2018, while farmers in a registered farm partnership also have an additional three years to avail of this scheme.

Extensions have been made to the following packages
  • General stock relief
  • Young trained farmers stock relief
  • Stock relief for registered farm partnerships
  • Stamp duty exemption for young trained farmers

New Proposed Partnership Arrangement

To support the successful transfer of land from one generation to the next, the Minister of Finance proposed the introduction of a €5,000 tax credit for five years.

This credit, if successfully introduced will be allocated to the partnership and split according to the profit-sharing agreement

The Minister for Finance, said that this new proposed partnership agreement will allow for the successful transfer of land from one generation to the next.

“I am 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.

“This will greatly assist with long-term planning and farm productivity,” said Minister Noonan.

According to the Minister, this proposal, which is subject to state aid approval, will allow two people 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.

However, Minister Noonan, added that this period must not exceed a 10-year period.

Comments

Please be considerate of others when commenting. All comments posted are subject to our commenting policy. Comments violating this policy will be removed without notice.