Over €800 Budget gain for average family farm

Agriculture Minister Simon Coveney said Tuesday’s Budget measures such as a new self-employed tax credit of €550, and USC reductions, will mean over €800 in additional net income, or 3.5%, based on the average 2014 National Farm Survey family farm income of €26,974.

Noting how important the farming and agri-food sector is to the economy, Finance Minister Michael Noonan also introduced a new succession transfer proposal.

Subject to state aid approval by the EU, it will allow two people, for example family members, to enter a partnership with provision for transfer of the farm to the younger farmer at the end of a specified period, not exceeding 10 years.