O’REILLY WELCOMES 100% STOCK RELIEF AND CAPITAL GAINS TAX PROVISIONS FOR FARMERS IN FINANCE BILL 2013

Fine Gael TD for Cavan and Monaghan, Deputy Joe O’Reilly has today, 21st February,
welcomed the provisions in the Finance Bill that will be of great benefit to the farming community.

Speaking in the Dail, during the Second Stage Debate, the Deputy said, ‘Under the Bill, 100% Stock Relief for young
trained farmers is being retained until 2015. Commenting on this during his speech, the Deputy said, ‘The provisions of section 19 are critical for my constituency.  It deals with the retention of stock relief for young trained farmers, which is important.  It is also an incentive for farmers to be properly educated and there is financial support available for them to do this, as well as for registered farm partnerships.
I note there is 100% stock relief for young trained farmers and it is being retained until 2015.

The Deputy also welcomed the fact that Farm Partnerships are also being extended to
include Sheep and Beef Partnerships. ‘Moreover, there is 50% stock relief for partnerships, which now have been extended to
include beef and sheep partnerships. This is very important for consolidation, improvement in production levels, etc.’

The Deputy also spoke about the proposed restructuring of the Capital Gains Tax to include farm swaps and reinvestment of the proceeds of land sale. ‘Section 46 deals with the restructuring of the capital gains tax.  Tax relief will now be made available to farmers where the proceeds of a sale of farmland are reinvested for restructuring purposes and this is very important.  This relief also will apply to farmland
swaps, subject to certification by Teagasc. This will have a huge implication, in that it will allow for consolidation of holdings, more productive and accessible holdings, economies of scale, etc.  Having grown up in a rural community, I am acutely aware of the disadvantages farmers suffer from disparate holdings being miles apart in respect of travel issues and so on.  Economies of scale arise in a big way in this regard and consequently, this is highly progressive and will sustain farm families and farm jobs. This issue had been brought to me by representatives of my local IFA executive a number of times and I am happy there has been good news in this regard.

The Deputy then concluded by expressing his optimism about the future of farming and the Agriculture Sector in this Country, ‘I personally know many young farmers who are dynamic and enthusiastic about the future of farming in Ireland.  They are willing to embrace new technologies and challenges, to revolutionise the manner in which farming is done in this country and they will do their bit to extend production over the coming years.  The inclusion of these incentives in the Finance Bill is a clear message of support to these farmers and to the future of agriculture in this country.  The Government can be very proud of this measure, which I salute.’

Ends

Joe O'Reilly; Joe OReilly TD representing Cavan; Bailieborough, Cootehill, Virginia, Shercock, Kingscourt 2010. | An ExSite website