Macra urge extension of stamp duty relief
In a pre-budget submission, Seamus Phelan, president, said he was attaching major importance to the retention of the measures for a further five years.
The 100% stamp duty relief for young trained farmers secured in the Programme for Prosperity and Fairness (PPF) negotiations in 2000 will expire in December.
The stock relief measure will also finish in December.
Mr Phelan said these incentives were of major importance and represented significant savings to young farmers at the beginning of their farming careers. Macra called on the Government to alter the current tax incentives on rental income from land leasing. Mr Phelan said the current age restriction of 55 and over on eligibility for tax relief for leasing land should be dropped.
“Young farmers cannot afford to expand by purchasing land. Therefore, leasing is their only option.”
Mr Phelan said one of the biggest challenges facing young farmers is access to land. New measures must be introduced to ensure the future viability of our industry.
