19 Aug 2022

Macra na Feirme welcomes launch of farm succession partnership

Macra na Feirme welcomes launch of farm succession partnership

Pictured l to r are; Derrie Dillion, Denis Duggan, Macra na Feirme President Sean Finan, Minister for Agriculture, Food and the Marine Michael Creed, and Austin Finn.

Macra na Feirme has welcome the launch today by Minister for Agriculture, Food and the Marine Michael Creed of the farm succession partnership. This partnership proposal was announced in last year’s budget. Farm families who avail of the partnership will receive a €25,000 tax credit over 5 years with the transfer of the farm having to be completed within 10 years of putting the succession plan in place.

Speaking at the launch today, Macra na Feirme National President Seán Finan said, “We warmly welcome the launch of the succession partnership. This is another very positive development in the areas of generational renewal and land mobility in this country. This succession partnership will result in planned farm succession rather than succession on inheritance which happens in most cases on Irish farms”

Land mobility and generational renewal in agriculture are two key and very important areas which Macra na Feirme continues to work on. The Land Mobility Service goes from strength to strength with support from FBD Trust and Aurivo, Dairygold and Glanbia Coops as well as the Department of Agriculture.

Speaking at the launch Austin Finn of the Land Mobility service said that, "The land mobility service now has over 500 active clients looking for opportunities and 224 arrangements in place."

Sean Finan added, “Our Land Mobility Service, now at the end of the initial three year pilot phase is providing exciting opportunities for young farmers and older operators who want to reduce their farming activity but still retain ownership of their land and work closely in a collaborative arrangement with young farmers who want to establish themselves in the industry”

Mr Finan concluded, “This measure will mean that young farmers can start their farming career by getting involved in a family partnership, at an age where they have the energy, dedication and drive to develop the home farm and put the building blocks in place for a successful career in farming. We welcome that an existing partnership that put in place a succession plan can also avail of the tax credit."

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