Finance Bill clarifies Budget announcements for farmers

They say the devil is in the detail, and this adage is particularly apt when it comes to that the recently published Finance Bill, which breathes legislative life into the Budget announcements.

On Budget day, Finance Minister Michael Noonan announced that income averaging is to be extended with farmers who elect to have their profits taxed on an averaged basis, calculating their profits over a five year period rather that the existing three year rule.

The Finance Bill has confirmed how these new rules are being phased in.