IFA proposes tax reliefs for farmers

FARMING can be rejuvenated with the help of national policies that encourage the handing over of farms to the next generation, according to an IFA submission to Finance Minister Michael Noonan.

The IFA says greater farm land mobility can be facilitated by retaining stamp duty relief for young trained farmers, capital gains tax retirement relief for qualifying farmers and the 90% agricultural relief for recipients who put the land into efficient agricultural use.

The IFA also proposes the reduction of stamp duty rates for farmland, the introduction of capital gains tax relief for farm consolidation and continuation of the land-leasing tax exemption scheme; and it is looking for the retention of capital allowances and stock relief to encourage farm investment and simplification of the taxation system for sole traders.