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Farm heirs could face six figure tax orders

Francis Farragher

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Orla Murphy (centre) from Ballinderreen, who won the Queen of the Land Macra title, at the Bridge House Hotel, Tullamore, earlier this month, pictured with runners-up Margaret Stanley, North Tipperary and Mairéad Madden, Offaly.

FARMERS and their representatives need to ‘keep their eye on the ball’ as regards the change in the 2015 Budget requiring heirs to land to spend more than 50% of their time operating the holding, a leading accountancy firm has advised this week.

Michael F. Dolan told the Farming Tribune that if the tax reliefs did not apply to someone inheriting a decent sized farm, the Capital Acquisitions Tax (CAT) could run into a seriously high figure.

He said that someone inheriting a farm with an asset value of €800,000, and who didn’t qualify for the tax relief, would be facing an inheritance bill of €189,750 based on an exemption of €225,000 and a CAT rate of 33%.

“I suppose one of the worries here, and especially in the context of West of Ireland farms where most of the farmers are part-time, is whether holding down a full-time off-farm job could mean that you don’t qualify for the tax relief,” Michael Dolan told the Farming Tribune.

He said that while a value of €800,000 for example might seem a bit high, a well developed medium sized farm with infrastructure in place such as sheds and roadways, could easily find itself in this valuation range.

“If someone had to face into that kind of a bill for inheriting a farm, it would be just too much of a financial burden for the inheritor to take on. It is something to be watched,” said Michael Dolan.

He warned that this was something that seemed to have ‘slipped in under the radar’ over recent weeks, although there could be changes before the Finance Bill would be enacted.

“Probably at this stage, it is something that the main farming organisations are taking up at Government level, but the implication of the Budget proposal, as it now stands, are quite serious,” said Michael Dolan.

For more, read this week’s Connacht Tribune.

Connacht Tribune

Locals thanked for demo backing

Francis Farragher

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Anne Mitchell: Great local support.

GALWAY IFA Chairperson, Anne Mitchell, has thanked the people of Athenry and surrounding areas for their support during Friday’s Action Day protest.

She told the Farming Tribune that the demonstration was planned to cause ‘absolute minimal disruption’ to the people, schools and businesses of the town as well as being conscious of Covid restrictions.

“We really didn’t want anyone on the streets because of the Covid situation and we also advised that where there was more than one person in a vehicle, and not from the same household, that they would wear masks,” said Anne Mitchell.

She said that they were also acutely aware of the fact that the Leaving Cert examinations were going on in schools around the town which dictated their decision to stage the protest between 11am and 12 noon.

However, one concerned parent who contacted this newspaper, said that the honking of horns could be heard by those who were doing their Leaving Cert geography exam on Friday.

“While I do understand the reasons behind the protest, I just think that the honking of horns should have been left out it, while an exam was in progress,” he said.

For more, read this week’s Connacht Tribune.

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Athenry’s action day a wake-up call for the West

Francis Farragher

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The tractorcade is ready to roll in Athenry on Friday in the IFA protest over farm viability and the Climate Action Bill.

AN estimated ‘200 plus’ tractors, cars and jeeps took part in Friday’s IFA ‘Action Day’ protest in Athenry aimed at highlighting major problems coming down the track with the ‘new CAP’ and the Climate Action Bill.

Connacht IFA Chairperson, Pat Murphy, said that they were delighted with the turnout and also with the positive reception they received from the people of Athenry.

“If farming and agriculture go to the wall in rural Ireland it will sound the death-knell for our provincial and villages too.

“We really do need our politicians to wake up to the fact that decisions made over the coming weeks or months could decide the future of rural Ireland as we know it,” said Pat Murphy.

He said that an agenda being driven by the Green Party to drastically reduce the numbers of suckler cows, dairy cows and cattle across Ireland would have a catastrophic impact on Irish agriculture, unless amendments were made to the Climate Action Bill.

“If Irish farmers are prevented in producing the food that’s accepted as being probably the most environmentally friendly and traceable product across the world, then that gap will be filled by countries like Brazil where rain forests are being cut down every single day of the year,” said Pat Murphy.

He also said that the negotiations on CAP coming up at the end of this month would also have huge implications for farming and especially so in the West of Ireland where farms were so dependent on direct payments.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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Connacht Tribune

Minister outlines ‘tough road ahead’

Francis Farragher

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Minister for Agriculture, Charlie McConalogue

A CRITICAL part of the eventual CAP deal for farmers will rest with the flexibility of the Irish Government to make its own decisions on where the money will be allocated, Minister for Agriculture, Charlie McConalogue, told the Farming Tribune last week.

During a whistle-stop tour of a number of agri-related projects in Galway last Thursday, Minister McConalogue said that as things stood, the major stumbling block to an agreement was the European Parliament.

“There are really two aspects of this deal which will be of vital importance to Irish farmers over the coming years – the flexibility to make our own decisions and the percentage of the funding to be spent on ECO schemes,” said Charlie McConalogue.

He said that while some progress had been made at the end of last month’s Trilogue negotiations [EU Commission, Council and European Parliament], it had not been possible to reach an agreement.

“As things stand, what’s blocking a final agreement is the European Parliament part of that Trilogue. We are trying to reach compromises on the issue of convergence, and the ECO scheme element of the payments, but this hasn’t been possible with the parliament so far,” said the Minister.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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