The publication of the ‘Agri-taxation Review’ in Budget 2015 put in place a comprehensive taxation strategy for the sector. The Government’s commitment to agriculture was evidenced by the implementation of the Review’s recommendations over the past two budgets. This has seen a series of positive changes for Irish agriculture, especially in the areas of land mobility and succession, all of which will support the aims of Food Wise 2025 in terms of increasing the productivity of Irish farms.
The Agri-taxation Review concluded that the stock relief schemes in place at the time should be retained. These are:
- 25% General Stock Relief on Income Tax
- 100% Stock Relief on Income Tax for Certain Young Trained Farmers
- 50% Stock Relief on Income Tax for Registered Farm Partnerships
- Relief for Stock Transfer due to discontinued Farming Trade
- Stock Relief for Compulsory Disposal of Livestock .
Any new proposals in this regard will be considered in the context of Budget 2017 deliberations with my colleague the Minister for Finance.