Laois Offaly T.D. Charlie Flanagan has welcomed a number of important measures which he says will benefit both the agri food sector and farmers directly. This follows the publication of the Finance Bill by Minister Michael Noonan in the Dail.
“The publication of the Finance Bill serves to highlight the commitment by this Government to the wide range of interests in the agricultural sector. There are a number of important measures which I feel will encourage further growth in the sector and contribute to our economic growth”
“The measures include a farm partnership incentive. An enhanced 50% stock relief will be available for all registered farm partnerships and a 100% stock relief will be available for certain young trained farmers forming such partnerships”
“The Government has also reduced stamp duty on agricultural land from 6% to 2%. We have gone even further by including a half rate of 1% which is applicable to transfers to close relatives until the end of 2014. Only 0.5% of total agricultural land is offered for sale annually and these measures are designed to stimulate a stagnant land market”
“It is extremely important that this Government continues to incentivise young farmers. An additional qualifying course (FETAC level 6 in Specific Purpose Certificate in Farm Administration) will be added to the list of qualifying courses for 100% stock relief and 100% stamp duty relief for young trained farmers. The Finance Bill also saw the restructuring of Capital Gains Tax retirement relief which will incentivise the earlier transfer for farm assets to the next generation. An upper limit of €3m will be introduced on family transfers where the individual transferring is aged over 66”
“These are just a few of the incentives included in the Finance Bill and we will continue to build on this commitment and underline our support for the agri-food sector.”