Agriculture to retain major tax reliefs for 2014
€105m for forestry; €40m for the beef sector including the new genomics scheme, €10m for the Beef Data Programme, €5m for the Beef Technology Adoption Programme, and €2m for the Suckler Welfare Scheme; €28m for Research and Training; €84m for Food Safety, Animal and Plant Health (including €35m for TB and brucellosis eradication); €15m for Targeted Agriculture Measures (TAMS); €15m for the Grassland Sheep Scheme and €3m for Sheep Technology Adoption Programme; €10m for fishery harbours capital works; €54m in support of the horse and greyhound racing industries; and €190m for state sponsored bodies under the Department’s aegis.
Retained tax reliefs are:
* Agricultural relief on capital acquisitions tax which reduces the market value of farm assets by 90% for a qualifying farmer.
* 100% relief available for young farmers in relation to stamp duty and stock relief; in general, farms can be transferred to young trained farmers with no tax liability arising.
* Retirement relief on Capital Gains Tax for farmers aged over 55.
* Relief from capital gains tax to facilitate restructuring of land parcels, in order to reduce fragmentation of farms and improve efficiency (for sale and purchase within 24 months, starting by December 2015).
* Income tax relief for long-term leasing, with varying tax-free thresholds depending on the lease duration.
* Farm income averaging over three years to mitigate the effects of price volatility.
* 25% stock relief on the increased value of trading stock in a given year. Young trained farmers benefit from 100% stock relief.
