Farming Budget 2015
Budget 2015 has brought several positive measures for the Agricultural Sector. Here is our roundup of the most comprehensive articles.
Watch Minister for Agriculture, Simon Coveney’s Farming Budget 2015 video summary here:
Young Farmer Measures
“Access to land and the use of land are structural issues that prove a constraint on increasing output,” Macra na Feirme President Kieran O’Dowd said.
“Short term land rental (conacre) is causing a major barrier for the progression of Irish farming, therefore incentives that encourage long term leases will favour the active use of the land and support active young farmers to grow their farm business.”
“The 50% increase in income tax exemption for long-term leases and greater flexibility is a positive move, as is extending the relief to farmers under 40 years old,” said Patrick Kent, ICSA President, “However more needs to be done to incentivise farm partnerships. The taxation incentives outlined here are geared towards leaving farming and leasing out to unconnected third parties.”
“The extension of farm restructuring relief to cover whole farm disposals is also a positive move for those cases where there is an opportunity to buy a less fragmented holding, and this is something ICSA lobbied for in its agri-taxation submission.”
Read the full Article – http://businessetc.thejournal.ie/tax-breaks-budget-2015-farmers-land-leasing-income-1723099-Oct2014/
Detailed Incentives secured by Macra na Feirme for Young Trained Farmers
Read the full Article – http://www.macra.ie/young-farmer-incentives
IFA’s report on farming budget 2015
Read the report here – http://www.ifa.ie/cross-sectors/economics/budget-reports/budget-2015/