The Minister for Agriculture has told local Deputy, Nicky McFadden that he wants to encourage more young people to become involved in farming and is delighted to see renewed interest in the sector.
Minister Simon Coveney was responding to a parliamentary question from Deputy McFadden on the importance of a fair tax system for young farmers starting out in the sector.
“Minister Coveney informed me that the current Irish taxation system provides a number of reliefs specifically for young trained farmers. The main reliefs are; 100 per cent Stamp Duty relief on transfers of agricultural land and buildings to young trained farmers; 100 per cent Stamp Duty relief on land purchased by young trained farmers, and 100 per cent stock relief for young trained farmers,” Deputy McFadden said.
“To qualify for these reliefs a farmer must be under 35 years of age on the date of execution of the deed of transfer and have attained one of the necessary qualifications and, where required, is the holder of the appropriate certificate(s ) awarded by the Further Education and Training Awards Council (FETAC ) in respect of Teagasc approved training courses,” Deputy McFadden said.
She went on to explain that there are a number of other conditions imposed by the Revenue Commissioners, who have primary responsibility for administering these reliefs.
Young farmers can also avail of other tax reliefs that benefit the general farming sector. These include rental income exemption thresholds to encourage the long-term leasing of farmland; agricultural relief from Capital Acquisitions Tax; Capital Gains Tax retirement relief; and Tax relief on the dissolution of farm partnerships.
“These reliefs are primarily the responsibility of the Revenue Commissioners and the Minister for Finance. Minister Coveney wants to continue to encourage new entrants, greater use of farm partnerships, and the timely transfer of farms to the younger generation.”
