CGT is the main issue from Budget
We all know one or two farmers 'married to the land', but given the findings of the recent study on 'Land Mobility and Succession in Ireland' commissioned by Macra na Feirme, it appears that 40pc believe it is important the land remains farmed by the family.
If this is a true reflection of the wishes of Irish farmers, then Budget 2014 had a thing or two of interest to say.
For the past fortnight the nation has been focused on the Budget, however for those farmers who wish to transfer or inherit the family farm, the nasty hangover of Budget 2013 is really only about to kick in now.
From January 1, 2014 an upper limit of €3m will be imposed on the value of the assets eligible for relief from Capital Gains Tax (CGT), where the transfer is to a child and where the transferring individual is aged over 66 years.
This measure was introduced to encourage the earlier transfer of farms. For farmers between 55 and 66, even after January 1, 2014, there will be no such upper limit.
The urgency applies where the farmer has turned 66 or will turn 66 before December 31 this year.
As the 33pc CGT rate has remained the same in Budget 2014, the window for the transfer of these farms with no upper limit being imposed on the CGT relief, will be a valuable point of interest for farmers.