Michael Healy-Rae
Ceist:281. Deputy Michael Healy-Rae asked the Minister for Finance his views on a matter (details supplied) regarding stamp duty relief for farmers; and if he will make a statement on the matter. [36134/15]
Amharc ar fhreagraTuesday, 20 October 2015
Ceisteanna (281)
Freagraí scríofa
Following last year's comprehensive review of agri-taxation that was published by myself and the Minister for Agriculture, Food and the Marine, a number of outstanding recommendations were examined further and are being implemented as part of Budget 2016. These include:
- the extension of four measures which were due to expire at end December 2015 for a further three years. This includes the general stock relief, the stock relief for young trained farmers, the stock relief for registered farm partnerships and the stamp duty exemption for young trained farmers;
- the introduction of a new succession transfer proposal. This new proposal is a model whereby two people, for example family members, enter into a partnership with an appropriate profit-sharing agreement and the provision for the transfer of the farm to the younger farmer at the end of a specified period, not exceeding ten years. To support this transfer, an income tax credit worth up to €5,000 will be allocated to the partnership, split according to the profit-sharing agreement. The partnership model will enable a gradual transfer of control, facilitates knowledge transfer, and will provide extra income for the partnership. The purpose of this new model is to provide increased certainty about the timing of the transfer of a farm, which would greatly assist with long-term planning and farm productivity. This new incentive will be subject to state aid approval.