22 09 2020
REMINDER THAT DEADLINE FOR COVID-19 PAYMENT BREAK IS NEXT WEEK
COVID-19, Farm Business & CreditIFA Farm Business Chair Rose Mary McDonagh has reminded farmers that applications for the COVID-19 Payment Break close on Wed, Sept 30th.
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18 09 2020
CREDIT GUARANTEE SCHEME HAS TO BE EXTENDED AND EXPANDED – IFA
Brexit, COVID-19, Farm Business & CreditIFA Farm Business Chair Rose Mary McDonagh has called on the Government to seek an extension of the EU Temporary Aid Framework, to enable the COVID-19 Credit Guarantee Scheme to be extended beyond the end of the year.
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08 09 2020
SUPPORT FOR LAND TRANSFER IS CRUCIAL FOR GENERATIONAL RENEWAL
Farm Business & Credit, IFA PolicyIFA Farm Business Chair Rose Mary McDonagh has identified some key priorities following the recent publication of “The Farming Sector in Ireland: A Profile from Revenue Data” by The Office of the Revenue Commissioners.
“The report highlights the struggle of generational renewal. 37% of farmers are aged over 60, while only 24% of farmers are under 40. However, the report also points out the value that tax reliefs provide to incentivise transfer and succession,” she said. (see table below)
Rose Mary McDonagh said agriculture is a low-margin, highly capital-intensive business which requires investment in its primary asset – land, and the reliefs are imperative for greater land mobility and to encourage land transfer. Along with reliefs under the stamp duty code and Young Trained Farmer reliefs, they are vital to the sustainability and viability of the agricultural sector. Moreover, they align with one of the nine objectives of the CAP – generational renewal.
“In 2018, Capital Gains Tax Retirement Relief was worth, on average, €355,795 to each claimant. On average, between 2014 and 2019, Capital Acquisitions Tax Agricultural Relief has been worth €104,492 to each claimant. The Succession Farm Partnership Credit was introduced in 2017 and there was a 66% increase in the number of those who availed of the relief in 2018.”
“In 2019, Consanguinity relief from Stamp Duty on non-residential transfers was worth, on average, €17,009 per claimant. In addition, there has been a 58% rise in the number of Young Trained Farmers claiming relief from Stamp Duty between 2013 and 2019.”
The Farm Business Chairman emphasised the importance and critical nature of these reliefs to the agricultural sector in order to encourage farm transfer.
The report provides a snapshot of farm incomes, farmer age profiles, the uptake of tax reliefs, and the incidence of farm transfers and succession.
At farm level, Average Farming Income in 2018 was €20,886 and Average Gross Income was €47,029.
The report underlines that average farm incomes are below the industrial average and must be supplemented with off-farm employment.
| Relief/Credit | Year | No. of claimants |
| Succession Farm Partnership Credit | 2018 | 290 |
| Capital Gains Tax Retirement Relief | 2018 | 322 within families
420 outside of families |
| Capital Acquisitions Tax Agri Relief | 2018 | 1,413 |
| Young Trained Farm Stamp Duty Relief | 2019 | 1,128 |
| Consanguinity relief for Stamp Duty on non-residential transfers | 2019 | 1,605 |
Ends.
Contact:
Niall Madigan (01) 450 1931/ 086 822 8635
Ethel Horan (01) 426 0344/ 087 910 4111
IFA President Tim Cullinan has welcomed the opening of the new €2bn COVID-19 Credit Guarantee Scheme to provide farmers with access to low cost loans as they respond to the impacts of COVID-19.
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25 08 2020
IFA MEETS TAOISEACH MICHEAL MARTIN ON CONCERNS FOR AGRICULTURE
Brexit, CAP, Farm Business & CreditIFA President Tim Cullinan met with the Taoiseach and acting Minister for Agriculture Micheál Martin yesterday evening.
