Assistance for young farmers will be a key part of Budget
Published 05/10/2015 | 02:30
Incentives for young farmers will be a central plank of the agriculture Budget as the Government moves to increase the appeal of farming as a career option for future generations.
Agriculture Minister Simon Coveney is understood to be keen to enhance tax breaks for young farmers who enter into long-term leases.
Consideration is also being given to reducing the tax burden on farmers who derive incomes from other areas or professions.
There will also be a continuation of a previous scheme to assist older farmers pass on land to their children, Government sources said last night.
Finance Minister Michael Noonan is believed to be extremely supportive of measures that assist farmers in passing their businesses on to future generations.
Measures to free up land for agriculture and other purposes is also being examined by a number of Government departments, it has emerged.
As previously revealed by the Irish Independent, Mr Noonan will give a tax credit to the self-employed and farmers worth up to €150 in the upcoming Budget.
Under plans to bridge the gap in tax treatment between PAYE and self-employed workers, Mr Noonan is planning to bring in a self-employed tax credit.
But he has raised the hopes of a boost for the agriculture sector by telling farming groups that the credit will be extended to them.
The tax credit, the details of which are still being worked on, would rise gradually over the next three to four years under Mr Noonan's plan.