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 moreLand 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 moreSUCCESSION FARM PARTNERSHIPS
The succession farm partnership scheme was first announced in Budget 2016. It was subject to EU state approval which has now been received. The details of the succession farm partnership scheme are being finalised. It is hoped that the scheme will be ready to commence in January 2017. The scheme gives the farmer and their … Read moreSUCCESSION FARM PARTNERSHIP SCHEME
Milk quotas were abolished with effect from 1 April 2015. Section 538 of the Taxes Consolidation Act 1997 allows relief in respect of assets such as milk quotas. However for milk quotas purchased after 1st April 2000, the loss is restricted to the amount of capital allowances granted.
Finance Act 2014 increased the averaging of farm profits from three years to five years from 2015. Who can make an election for farm averaging? The farmer must have paid tax on farm profits for each of the 4 immediately preceding years of assessment. What effect does the change from three to five … Read moreAVERAGING OF FARM PROFITS