Enhanced Stock Relief for Farmers
Good news for young farmer as the Finance Bill extended the enhanced 100% rate of stock relief for qualifying young trained farmers to 31 December 2015.
This comes as part of the EU State Aid process. Certain conditions are being attached to the special 100% rate of stock relief for young trained farmers.
- A business plan must now be submitted to Teagasc unless a business plan has otherwise been submitted to Teagasc or the Minister for Agriculture, Food and the Marine for any other purpose
- The amount of stock relief (cash equivalent) is limited to _40,000 in a single year of assessment and _70,000 in aggregate over the course of the scheme (i.e. 4 years).
Stock Relief was also extended for Registered Farm Partnerships and the definiton of registered farm partnerships was extended for the purposes of the enhanced 50% stock relief, (100% for certain young trained farmers) to other registered farm partnerships such as beef or sheep farm partnerships.
There will be a register of farm partnerships to be provided by way of regulations made by the Minister for Agriculture, Food and Marine with the consent of the Minister for Finance.
Other specific measures for the Agri-Food Industry include the specific Capital Gains Tax relief on the disposal of farms for farm restructuring purposes.
At CPC & Co we specialise in assisting farmers and farm partnerships with their accounts and tax planning. If you need further information please contact 023-8841899 to arrange an appointment with a specialist agri-adviser.