Farmers have been called on to look to the future by Macra president Elaine Houlihan, who said that it is “never too early” to commence succession planning.
Under the new Succession Planning Advice Grant (SPAG), farmers aged 60 years and above will be provided with a maximum payment of €1,500 to seek succession planning advice.
Macra welcomed the launch of the new scheme which opens on September 19, by Minister for Agriculture, Food and the Marine, Charlie McConalogue yesterday (Wednesday, August 9).
While the payment of up to €1,500 is welcomed and will assist in generational renewal, the Macra president said it will “not on its own move the dial” from the current low percentage of young farmers.
Speaking after the announcement, she said: “This is not the first time that financial incentives have been introduced to facilitate succession. We have the €5,000 tax credit available for succession partnerships since 2017.
“We have approximately 280 financial supports available under CAP [Common Agricultural Policy], yet less than 7% of farmers are under the age of 35.
“Given that over one third of all farmers are over the age of 65, it is imperative for the future of our industry that farmers engage with services such as the Land Mobility service,” Houlihan added.
Macra continues to work with the Department of Agriculture, Food and the Marine (DAFM) and the government in the development of its succession scheme.
The organisation’s succession scheme will “deliver significant change in Irish farming circles and will be a model for the rest of the EU to emulate”, Macra said.
Succession grant scheme
The new scheme with a maximum payment of €1,500 to help farmers seek succession planning advice, will cover up to half of vouched legal, accounting, and advisory costs.
Farmers aged 60 years or above must be farming a minimum of 3ha of land for at least two years prior to making their application.
Applications will be open until the end of 2023, with the first tranche payment being made in the first quarter (Q1) of 2024.
An online information webinar for the new scheme is scheduled for September 6, 2023 at 7:00p.m.