Farmers need budget tax reliefs and incentives in this, their hour of need

Pre-budget submissions are now being forwarded to the Department of Finance.

Each year, most of our farm organisations forward a wish to the minister. In the last five years there has been little room for generosity for any sector. The past five years have been about new taxes, jacking existing rates, and cutting reliefs.

For example, inheritance tax rates have rocketed up to 33%, from 20%. The tax-free inheritance thresholds have also been slashed — at the height of the boom, a parent could transfer over €500,000 worth of property (cash/shares/rentals, etc) before that child became subject to inheritance tax. Now, the tax-free threshold from parent to child is €225,000. These changes, especially for capital gains tax, inheritance tax and stamp duty, make tax planning even more important.