BUDGET 2016: Farm transfer tax break welcomed

A tax break to help families transfer their farms to the next generation has been broadly welcomed across the industry.

Finance Minister Michael Noonan said the proposal, which is subject to state aid approval, would provide increased certainty for people looking to transfer their family farm to the next generation of farmers.

The measure will allow two people, for example a father and son/daughter, to enter into a profit-sharing agreement which makes provision for the transfer of the farm to the younger farmer at the end of a specified period, not exceeding 10 years.