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Budget 2015 & The Agri-Taxtion Review Report
The Agricultural Consultants Association wholeheartedly welcomes the recommendations of the Agri-Taxation Working Group in their Agri-Taxation Review as presented to the Ministers for Finance & Agriculture. The Association would also like to compliment both Ministers for their prompt response to the report findings by incorporating 12 of the overall package of 25 recommended measures in the 2015 Budget.
The Association views the Agri-Taxation Review recommendations and in particular those recommendations included in the Budget as being a positive step forward towards increasing land mobility and the constructive use of land as well as providing a much needed stimulus towards farm succession. The Association is particularly pleased that a significant number of items contained in its submission to the Review Group are included in the 25 recommendations. ACA’s recommendations on the inclusion of limited companies as being eligible tenants for lessors seeking the land lease tax exemption along with whole farm replacement qualifying under the Capital Gains Tax farm restructuring provisions are included in this year’s budget. ACA’s proposal for extending Income Averaging to forest clear-felling profits will be examined with a view to implementation in Budget 2016.
The overall package of budget measures coupled with the Agri-Taxation Review group’s recommendations are steps in the right direction but many more innovative actions will be required to realise the true potential of Irish agriculture. ACA is now urging the Government to carry out a review on the provision of farm advice and how best to structure an effective service suited to a changing industry.