The Farm Finance Podcast: What you need to know about VAT and farm taxation

In the first episode of Agriland’s new Farm Finance podcast limited series Francess McDonnell, together with EY Ireland’s Alison McHugh and James Fox, examines how farm families can make the current VAT and taxation structure work best for them.

Ahead of Budget 2025 the podcast highlights what farmers need to be aware of and why it is crucially important for them to maximise the specific tax credits and reliefs that are currently available.

The Farm Finance podcast also delves into key issues for farm families and discusses not only what agricultural reliefs are available including consanguinity (stamp duty) relief which provides for relief from stamp duty on the transfer of agricultural land or farms to certain farmers who are aged under 35.

The first episode also examines what leasing relief is available and details how a seven year holding requirement applies to land purchased under a contract entered into on or after, 1 January 2024.

A major topic of conversation around many kitchen tables – and one that many farmers may want to shy away from – is succession and what needs to be put in place to hand the farm over to the next generation.

In this episode of the Farm Finance podcast the EY Ireland specialists help to outline what options are available when it comes to handing over a family farm from one generation to the next and why planning for the future is key to ensuring the survival of that farm.

The first episode also deals with how farmers can best manage VAT and in particular what are the key aspects of their VAT responsibilities that they should be aware of.

The information in the podcast is intended as a general guide only. While every care is taken to ensure accuracy of information provided, Agriland will not accept responsibility for errors or omission howsoever arising. You should seek professional advice in relation to your particular circumstances at the earliest possible time.