Farmers are “petrified” that Sinn Féin in Government could bring about changes in agricultural tax legislation, according to agri- solicitor Aisling Meehan.
Significantly more farmers are seeking to finalise their succession and inheritance affairs before the next election, she told almost 550 farmers at an IFA farm succession meeting arranged by the IFA. The farming body is hosting a similar meeting in the Firgrove Hotel in Mitchelstown this evening.
The solicitor says she does not expect the Agri tax relief qualification rules to remain as they are at present where it is possible to have a successor with no interest in farming getting the relief.
The conference also heard that there is an exodus of rural youth to Australia leading to families trying to sort their farm succession affairs sooner rather than later
The conference heard that farmers previously feared the farm being taken into account for the Fair Deal scheme but are now more concerned about tax changes that might happen. Ifac senior accountant Con O’Connell encouraged farmers to be “proactive” on succession planning now, in advance of any possible change in taxation policy.
