FARMING

With effect from January 2019, for farmers and/or their spouses/civil partners have off farm income. They can now avail of income averaging on their farm profits.

The following are reliefs and exemptions available to young trained farmers: National Reserve Successful applicants receive an allocation of the new entitlements from the National Reserve on the basis of one entitlement for one hectare at the National Average of entitlements. Young Farmers Scheme Provides for an additional payment for a maximum of 5 years … Read more Young Trained Farmers

The land leasing exemption is available to land owners who let their land under a qualifying lease A qualifying lease: is in writing or evidenced in writing. contains the names and addresses of the lessor(s) and lessee(s). specifies the acreage, address, location etc of the land. sets out the terms of the lease. is signed … Read more Land Leasing Exemption

The succession farm partnership scheme was first announced in Budget 2016. It was subject to EU state approval which was received. The succession farm partnership scheme provides a succession tax credit of €5,000 per annum. It is an initiative set up to encourage farmers to form partnerships with young trained farmers and to then transfer … Read more SUCCESSION FARM PARTNERSHIPS