Macra na Feirme seeks more clarity on Finance Bill changes
Macra na Feirme has asked for a meeting with Finance Minister Paschal Donohoe to seek clarification on the limitation of tax reliefs available to young farmers in Budget 2019.
This follows the announcement that Young Farmer Stock Duty Relief is subject to a cap of €70,000 over four years. This measure has the potential to completely negate the benefit that young farmers have availed of through Young Farmer Stamp Duty Relief.
This cap is based on European state aid rules and has been in place since 2014, but the Government has only moved to enshrine it in Irish legislation this year. Speaking to the Irish Examiner at the Macra na Feirme annual conference, Macra President James Healy indicated that the Department of Finance has yet to respond to their request.
“We are still waiting for the Department of Finance to come back to us; we are looking for a meeting. I think that we mentioned it there today as to what flexibility is there from the Commission as regards whether this has to be introduced,” said James Healy.
President Healy called on Minister Donohoe to delay the introduction of this cap. “We still have some questions that we need clarity on. While we fully appreciate that this has to come in at some point, whether the requirement that it happen this year given the uncertainty that’s going to be created and that is already there around Brexit, and a number of other issues, I think it would certainly ease the fears of young farmers if there was a stay put on it for at least 12 months.”