Farmers get tax reliefs to encourage leasing

Increased income tax exemption thresholds; extended tax reliefs; and the removal of the lower age threshold of 40 for leasing relief are some of the measures aimed at making additional land available to young and active farmers following the Government’s agri-taxation review.

Finance Minister Michael Noonan announced the review of tax measures in the farming sector in last year’s budget, and its findings were published yesterday.

He said farming was the country’s largest indigenous industry with an annual turnover of about €26bn. Measures introduced to encourage the long-term leasing of land in yesterday’s budget include: