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Farm Taxation

The Income Averaging regime allows a farmer’s taxable profit to be averaged out over a 5-year period. This regime is being amended to allow an “opt out” in a single year of low income with any deferred tax liability becoming payable over subsequent years. . This ‘opt out’ may be availed of for farm income from 2016 onwards.

Farm Restructuring Relief, which provides an exemption from CGT on certain sales or exchanges of farmland, has been extended to the end of 2019.

The farmer’s flat-rate VAT addition, which compensates unregistered farmers for VAT incurred on their farming inputs, is to be increased from 5.2% to 5.4% with effect from 1 January 2017.

In This Issue
Income Tax
Business/ Corporation Tax
Capital Gains Tax
Farm Taxation
VAT, CAT & Stamp Duty
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The above is intended as a general guide to the measures announced in Budget 2017.  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.