Macra: Capital taxes and reliefs top of the agenda for young farmers
The scheme would allow farmers to write off larger amounts of capital expenditure against income tax.
Macra’s submission urges:
- The extension of young farmer stamp duty relief on purchases of land up to the age of 40;
- An increase in the Capital Acquisition Tax threshold that farmers can receive as gift or inheritance;
- Greater flexibility in the implementation of the 100% young farmer Stock Relief to reflect farm development and growth plans;
- An extension of the land leasing tax incentive to include parent and children for one term of seven years;
- The introduction of aid to cover the cost of replacement labour during maternity leave;
- The introduction of a fund to encourage young farmers to engage in better grass utilisation, a key target in the Food Wise 2025 report.
Macra says amendments to the Rural Development Programme should focus on supporting grazing infrastructure under the TAMS scheme and is urging:
- An effective mechanism to tackle the damaging effects of volatility on farmers.
- The introduction of funding from the European Investment Bank for young farmers.
- Further support for agricultural education, advisory, and research.
- Measures for the provision of youth mental health services and provision of quality high speed broadband to all rural areas.
- An increase in the investment in youth work through the Youth Services Grant Scheme.
Macra national president Seán Finan said: “Our pre- budget submission focuses on strengthening the future for young farmers and rural youth.
“Our proposals set out the building blocks that need to be put in place in the budget to create an environment within which young farmers can establish themselves in the industry and have a successful career.
“Our document sets out various taxation changes and measures as well as other proposals dealing with volatility, access to finance, access to education, farm safety.
“As a representative body for rural young people, we are calling for an increase in our youth sector funding as well as highlight other rural youth issues.”
