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 successor a €5,000 tax credit to share between them based on their profit sharing ratio each year for the first five years of the scheme.
The tax credit is available for each year the successor is under forty.