Published on Tuesday22ndNovember2016
Minister Creed announces ‘succession farm partnership scheme’
Pictured are Seán Finan, President, Macra Na Feirme with the Agriculture Minister Michael Creed
Tax Credits To Promote The Earlier Inter-Generational Transfer Of Family Farms
Agriculture Minister Michael Creed today announced that the ‘Succession Farm Partnership Scheme’ has been approved, and administrative arrangements are being finalised for its commencement early in 2017.
Minister Creed said:
This Scheme will promote the earlier inter-generational transfer of family farms, in line with Programme for Government commitments and the Food Wise strategy. It will encourage and support important conversations within farm families about succession planning.
The Scheme was announced in Budget 2016 but its commencement was subject to EU State Aid approval, which has now been received. The Scheme provides for a €25,000 tax credit over five years to assist with the transfers of farms within a partnership structure.
Minister Creed concluded:
This scheme will help to ensure that farming is strategically positioned for future sustainable growth and development. A Working Group of officials from my Department, Revenue and Teagasc is finalising arrangements with a view to the scheme being available early in 2017.