€109 million budget increase for agri-food sector
“Young farmers are going to benefit from Budget 2016, which is good news for the future of Ireland’s agri-food sector”, says Fine Gael TD for Kildare South, and Chair of the Party’s Committee on Agriculture and Rural Affairs, Martin Heydon.
“The agri-food budget is seeing a €109 million increase in Budget 2016 and I commend Minister for Agriculture Simon Coveney for the innovative measures he is deploying to protect the sector for future generations. Budget 2016 is all about encouraging and supporting young farmers.
“The budget introduces a tax credit of €5,000 per annum for five years, for farmers who transfer their land to successors over a period of time. This will make it much easier for farms to be passed from one generation to the next, securing them for the future of the family farm.
“The renewal of four existing tax measures in the Budget includes two that are specifically targeted at young farmers; the 100% Stock Relief on Income Tax for Certain Young Trained Farmers, and the Stamp Duty Exemption on Transfers of Land to Young Trained Farmers. The other two measures for general farmers being extended are the 25% General Stock Relief on Income Tax, and the 50% Stock Relief on Income Tax for Registered Farm Partnerships. All of these measures are being extended for three years.
“The €35.8 million allocation for the Targeted Agriculture Modernisation Scheme (TAMS) will also provide funding for the Young Farmer Capital Investment Scheme, which will be at the higher grant rate of 60%.
“It is so important we protect the future of Irish farming and support young farmers with measures such as these.
“Overall the budget is really good for our agri-food sector. The Rural Development Programme (RDP) will see an investment of €4bn in the Irish agriculture sector over the years 2014-2020.”