Macra na Feirme seeks more clar­ity on Fi­nance Bill changes

Irish Examiner - Farming - - MACRA -

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.”

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.