Extension of agricultural reliefs welcome development for farmers has been saved
Extension of agricultural reliefs welcome development for farmers
A number of important Agricultural Reliefs are due to expire at the end of 2022. These reliefs provide important supports to our young farmers and the farming sector generally. Deloitte welcomes the Ministers comments that the end date of 31 December 2022 for a number of reliefs is to be extended.
Commenting on the Ministers budget speech, Niall Glynn, Tax Partner, Deloitte said:
The extension of five agricultural tax reliefs include the Young Trained Farmer and Farm Consolidation Stamp Duty Reliefs, the Farm Restructuring CGT relief and the Young Trained Farmer and Registered Farm partnership stock relief. We know from a 2019 review of the farm restructuring relief carried on by the Department of Finance that overall, the relief is beneficial and that while the uptake has been low it remains relevant and useful in assisting farmers to achieve farm consolidation to make their landholding more efficient. The extension of the named reliefs will be a welcome development for farmers in the medium term.
Notwithstanding the Minister’s comments, as these reliefs are classified as State Aid and the current approvals are due to expire at the end of 2022, its extensions are contingent on a new approval being obtained. We know from Tax Strategy Group papers that the indications are that this approval should be forthcoming – taxpayers in the meantime should watch this space with interest where they see farm consolidation playing a role in the future of their landholding.
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