A range of tax incentives are in place to encourage the transfer of land to young trained farmers, including:
100% stamp duty relief on transfers and purchase on land by young trained farmers;
90% agricultural relief from Capital Acquisitions Tax;
full Capital Gains Tax retirement relief on farm disposals;
rental income exemptions to encourage the long-term lease of land; and
general stock relief, including 100% relief for young trained farmers.
Food Harvest 2020 recommended that my Department, in conjunction with other relevant Departments, should identify and resolve impediments to land mobility; encourage partnership formation; and target future schemes and supports at farmers with the best growth potential, particularly younger farmers.
In light of this my Department is currently working on issues in relation to farm partnerships. The terms of some schemes have already been changed to facilitate partnerships, including the dairy equipment investment scheme and REPS.
Under a number of Department schemes where funding is limited, a preferential ranking is given to young trained farmers. Under the Single Payment Scheme, preferential ranking is given to young trained farmers when the national reserve is being allocated.