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Farming Measures

Income Taxation

The Minister has announced the extension of general stock relief, stock relief for young trained farmers, stock relief for registered farm partnerships and the stamp duty exemption for young trained farmers for a further three years to the end of 2018.  All of these measures were due to expire at the end of 2015.

He also announced a new succession transfer proposal to assist with succession planning for farms.  It is intended to allow two people to form a partnership with the intention of transferring the farm to the younger individual at the end of a particular specified period.  It is understood that this will take the form of an income tax credit worth up to €5,000 per annum for five years allocated to the partnership and split between the partners in their profit sharing ratio.  It is anticipated that further information regarding this measure will be included in the Finance Bill.

 

The above is intended as a general guide to the measures announced in Budget 2016.  It is possible that the measures described above may be modified and may be subject to change in the Finance Bill.  No action should be taken on the basis of the above without obtaining professional taxation advice.

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