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 to eligible young farmers. Payment is based on the number of activated payments entitlements held by the young farmer in the year of application, subject to a maximu of 50.

100% stock tax relief

Young trained farmers can avail of 100% stock relief. It applies from the tax year they become a young trained farmer and for each of the three successive years in which there is an increase in stock.

In order to comply with state aid rules the young farmer should:

• be an active farmer and be active in the agricultural sector.
• Submit a business plan to Teagasc which will be certified by them.
• Exercise effective and long term control of the holding.

For State aid awards granted under this scheme after 1st July 2016 that exceed €60,000, certain details in respect of each award will be published on a central website.

Succession Farm Partnership tax credit

This tax credit was introduced in 2017. It allows for an annual income tax credit of €5,000 for registered farm partnerships where the partnership is designed to transfer the farm business to a successor within 10 years. Please see our article for more details

Stamp duty exemption

This exemption from stamp duty is to encourage the transfer of farmland to a new generation of farmers with relevant qualifications. The farmer’s must be:

• under 35 years at date of execution of the deed of transfer .
• must have attained a agricultural qualifications
• For a period of five years from the date of execution, spend not less than 50% of his/her normal working time farming the land.
• retain ownership of the land.