ICMSA: Bud­get mea­sures must fo­cus on smoother farm trans­fers

Irish Independent - Farming - - NEWS - CLAIRE FOX

MEA­SURES to fa­cil­i­tate smoother fam­ily farm trans­fers must be made a top pri­or­ity in the up­com­ing bud­get, ICMSA pres­i­dent Pat McCor­mack has said.

The as­so­ci­a­tion is call­ing for mea­sures to in­clude in­creas­ing the tax-free thresh­old to trans­fer a farm to a son or daugh­ter from the cur­rent €310,000 to over €500,000, and al­low­ing for sons and daugh­ters to be able to lease the farm for a num­ber of years so they can qual­ify for tax relief.

He also said that tax relief of 75pc should be in­tro­duced to en­cour­age gift­ing land to chil­dren.

Ex­clu­sion

“Fam­ily leases un­der cer­tain con­di­tions should qual­ify for the farm­land leas­ing tax­a­tion relief, given that the ex­clu­sion of fam­ily mem­bers is a bla­tant dis­crim­i­na­tion,” he said.

The ICMSA is also propos­ing that a Farm Man­age­ment De­posit Scheme should be in­tro­duced so farm­ers can weather the storm of in­come volatil­ity, which Mr McCor­mack said is “the big­gest threat to the fu­ture of the fam­ily farm”.

“Tea­gasc has es­ti­mated that dairy farm in­come will fall by 50pc in 2018. It should be ob­vi­ous to ev­ery­one that this kind of in­come surge and col­lapse is not sus­tain­able,” he pointed out.

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