Coveney: Budget confirms farming sector is one we believe in

The Agriculture Minister Simon Coveney has said the Budget contains positive and strategic measures for the farming sector.

The rate of stamp duty on farmland is being cut from 6% to 2% to stimulate a stagnant land market and promote the inter-generational transfer of land.

A rate of 1% will apply to transfers to close relatives until the end of 2014.

There will be a new stock relief incentive to encourage farm partnerships and a restructuring of the retirement relief on Capital Gains Tax to incentivise the earlier transfer of farm assets to the next generation.

Simon Coveney said the proposals outlined today were designed to help young people who are opting for a career in farming.

"The measures will confirm in many young people's minds that this is a sector that they can believe in and that's going to get Government support," he said.