Webinar to offer advice on new farm succession grant
ifac’s 2023 annual Farm Report found that 64% of farmers surveyed didn’t have a successor in place.
The new succession planning advice grant for farmers aged over 60 has been welcomed by ifac, the Irish Farm Accounts Co-op.
Succession planning is important in every business, so it’s worrying that it is neglected on so many Irish farms, said Marty Murphy, Head of Tax with ifac.
He urged older farmers to take up the incentive and seek professional advice on how to best safeguard their financial security while looking after the next generation and securing a viable future for their farm.
Research conducted for ifac’s 2023 annual Farm Report found that 64% of farmers surveyed didn’t have a successor in place, and 90% had little or no understanding of the Fair Deal nursing home scheme.
"Family circumstances differ, and every case is unique, which is why it’s so important to obtain professional advice.
"Getting the timing of a transfer of farm ownership wrong, or failing to take advantage of relevant tax-saving opportunities, can lead to significant hardship,” he said.
When planning for succession, it is also important that farmers make a will. Once in place, succession plans and wills should be reviewed at least once a year, and updated when necessary.
Applications for the Succession Planning Advice Grant will open on September 19 next. The grant will cover up to 50% of vouched legal, accounting and advisory succession planning advice costs, subject to a maximum payment of €1,500.
To apply, farmers must be aged 60 or over, and farming at least three hectares for at least two years before applying. The grant does not apply to farmers currently in a succession farm partnership.
An online information webinar for the new scheme is scheduled for September 6 at 7pm.
Agriculture Minister Charlie McConalogue said the grant will help older farmers to plan for their future and the future of their farms, by providing financial support towards the costs of legal and financial advice for succession planning.
The objectives of the scheme include best practice in intergenerational land transfer, to address, among other things, significant generational imbalances within farming.
Paper application forms will be available at the National Ploughing Championships and from the Department website. The application will be open until the end of 2023, and the first grant payments will be in early 2024.
