Tax reliefs related to farming

Succession farm partnerships

You may wish to enter into arrangements to plan for the transfer of your farm to a successor. Tax relief is available for a farm partnership which qualifies as a Succession Farm Partnership. This is a Registered Farm Partnership whereby a farmer agrees to transfer at least 80% of the farm assets to a chosen successor within a specified period.

The Succession Farm Partnership must satisfy the requirements set out in Section 667D of the Taxes Consolidation Act 1997. It must also be recorded on the register maintained by the Department of Agriculture, Food and the Marine.

Relief is available by way of an annual tax credit worth up to €5,000 per annum for a five year period.

For further information, see Revenue Tax and Duty Manual Part 23-02-11.

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