Creed outlines incentives available for young farmers
The incentives that are currently available to encourage young people to take up farming have been highlighted recently by the Minister for Agriculture, Food and the Marine.
Responding to a parliamentary question from Offaly independent TD Carol Nolan, Minister Michael Creed outlined the incentives that are currently in place.
“The CAP, the National Reserve and the Young Farmers Scheme all provide financial support to young farmers and new entrants to farming during their crucial early years immediately following the setting up of a farm enterprise,” said the minister.
A further €31 million has been allocated since 2015 to young farmers under the National Reserve, the minister explained.
Additionally, under the Targeted Agricultural Modernisation Scheme (TAMS) II, young farmers can avail of the enhanced grant rate of 60% as compared to the standard rate of 40%, according to Minister Creed.
Minister Creed further noted that there are also a number of national taxation measures specifically aimed at young farmers such as the 100% stock relief on income tax for certain young trained farmers and stamp duty exemption on transfers of land.
- Increasing land mobility and the productive use of land;
- Assisting succession and the transfer of farms;
- Agricultural Relief from Capital Acquisitions Tax;
- Retirement Relief from Capital Gains Tax;
- Stamp duty exemptions on the transfer of land.
Continuing, Minister Creed explained: “In addition, in 2017, I launched the ‘Succession Farm Partnership Scheme’.
“This scheme provides for a €25,000 tax credit over five years to further assist with the transfer of farms within a partnership structure, promoting and supporting the earlier inter-generational transfer of family farms.
“It also encourages important conversations within farm families regarding succession planning,” the minister said.
“Furthermore, supporting young farmers and generational renewal continues to be a priority and will form an important part of the CAP post-2020.”
Minister Creed concluded: “My department and I are actively engaging with the EU and its member states on these issues during the current negotiations on new CAP proposals.”