Macra lobbies to retain stock relief

Stock relief, a measure that allows young farmers to write off increases in the value of their stock against their tax liability, must be included in the upcoming budget, Macra na Feirme has told Finance Minister Brian Cowen.

Macra explained that at present young farmers are entitled to 100% stock relief for their first four years in farming, while a general relief of 25% is available for all farmers. This relief is due to expire on December 31.

President Thomas Honner said stock relief was particularly important for new farmers who want to expand and an effective way to support farmers who are trying to grow their business.