Major tax benefits in exemptions for land leasing

The Budget has brought a raft of changes in tax reliefs applicable to Irish farmers.

In particular, wide ranging enhancements of the income tax exemption from land leasing will be of benefit to many farmers who have been looking for greater surety when planning to expand through the medium of leased land.

The changes on land leasing include an increase of 50% in the amounts of lease rental income that qualifies for exemption from income tax. In short, this means up to €18,000 per annum of lease income per person can be exempted from income tax, in the case of five-year leases.