Capital taxes and reliefs are top of the agenda for young farmers with Macra na Feirme calling for the introduction of a Capital Allowance system similar to the UK in their 2017 pre-budget submission.
The future of farming relies on young farmers who need the necessary resources and supports to develop their farm business and fulfil the expectations of Food Wise 2025.
Supporting generational renewal, driving competitiveness, access to credit, land mobility, supporting education, advisory and research, tackling income volatility and supports for both rural youth and youth development work are all contained in Macra’s submission.
The main points include: an extension of young farmer stamp duty relief on purchases of land up to 40 years of age and an increase in the Capital Acquisition Tax threshold; greater flexibility in the implementation of the 100% young farmer Stock Relief; the introduction of aid to cover the cost of replacement labour during maternity leave; and the introduction of a fund to encourage young farmers to engage in better grass utilisation.
Speaking about the submission, national president Sean Finan said that it focuses on “strengthening the future for young farmers and rural youth”.
“Our proposals set out the building block that need to be put in place in the budget to create an environment within which young farmers can establish themselves in the industry and have a successful career.”