I propose to take Questions Nos. 940 and 942 together.
The Common Agricultural Policy (CAP) 2023-2027 cites generational renewal as one of its nine key objectives, which reflects the need to ensure a vibrant agricultural sector equipped with skilled and innovative young farmers to respond to societal demands for quality food and environmental public goods. Through our CAP Strategic Plan, Ireland has provided strong support for younger farmers in the period to 2027.
Some of the challenges outlined in the Committee on Agriculture and Rural Development's Report include access to land, access to finance, retirement and attracting young people into the sector. Recommendations suggest the development of coherent and long-term strategies to promote generational change and increase the attractiveness of working in agriculture.
Food Vision 2030, Ireland's stakeholder-led strategy for the agri-food sector, highlights the challenge of generational renewal. It recognises that there are a range of measures in place that support younger and older farmers and facilitate generational renewal, and that these need to be maintained. As well as CAP, there is also a range of strong national supports in Ireland.
For example, there are a number of strong taxation measures to facilitate succession and assist land mobility. As regards succession, Agricultural Relief is the key measure, which, along with Young Farmers Stamp Duty Relief and Consanguinity Stamp Duty Relief, provided support of some €274 million in 2022. I was delighted to secure the extension of these in the recent budget for 2024. In addition, 100% Stock Relief for Young Trained Farmers was worth €1.7 million. The Succession Farm Partnership Scheme provides for a €25,000 tax credit over five years to further assist the transfer of land within a partnership structure, and was worth €1 million.
For land mobility, long-term leasing income tax relief
supports access to land for young farmers and provides a route to retirement for older farmers. Latest figures show €34.3 million for 12,490 beneficiaries.
In Budget 2024, I was delighted to work with my colleague the Minister for Finance to renew Consanguinity Relief for a further five years. In addition, in the Budget, the aggregate lifetime amount of relief that a young farmer can get from the Young-Trained Farmers Stamp Duty Relief, Young-Trained Farmers Stock Relief and the Succession Farm Partnerships Tax Credit, increased from €70,000 to €100,000.
The €500 million Growth and Sustainability Loan Scheme will facilitate strategic investment by SMEs, including farmers, fishers and food businesses, to ensure their continued viability and sustainability into the future. One of the unique characteristics of the Scheme is that loans up to €500,000 are unsecured, making it a viable source of finance for young and new entrant farmers, especially the cohort who do not have high levels of security.
In addition, all of Teagasc’s education activities equip our young farmers with the necessary knowledge to build successful careers.
Supporting young farmers and new entrants in agriculture will ensure a strong and sustainable sector into the future, and will remain a priority for me and for the Government.
