IFA ups pressure on family farm succession in pre-budget submission
Unveiling its pre-budget submission in Dublin yesterday, the IFA called on the Government to retain existing measures such as Agricultural Relief at its current 90% rate, plus capital gains tax (CGT) retirement relief for farmers. The farm group also wants a reduction in stamp duty rates on farmland and the introduction of CGT relief for farm consolidation. This, says the IFA, would increase land mobility and bring younger people into farming.
IFA farm business chairman James Kane said: “Any changes that threatens land transfer to the next generation of farmers will negatively impact upon agriculture going forward.
“We want to promote in-life intergenerational transfer. ”
In regards to Capital Allowances, the IFA wants the Government to ignore the Taxation Commission’s proposal for investments to be written off over a 25-year period rather than the current seven years.
The IFA said that any additional carbon tax on marked gas oil (farm diesel) would also make farming less attractive to the next generation. The farm group wants the AEOS Scheme for all farmers leaving REPS 3 to be reopened, and schemes such as Disadvantaged Areas, Suckler Cow Welfare and REPS 4 to be retained.
The IFA wants investment schemes for pig, poultry, sheep fencing and handling facilities, dairy hygiene and water harvesting to be retained. It also wants all maintenance, forestry and disease eradication schemes to be unchanged by the forthcoming budget.
