Revenue eBrief No. 028/24

26 January 2024

Farming Taxation Guidance updated

The following Revenue Tax and Duty Manuals in relation to the Taxes Consolidation Act 1997 (“TCA 1997”) have been updated to reflect certain amendments to the TCA 1997 by Finance (No.2) Act 2023.

Tax and Duty Manual Part 23-02-01 - Stock relief – young trained farmers - has been updated to reflect an increase in the maximum amount of relief that may be granted under sections 667B (stock relief) and 667D (relief for succession farm partnerships) TCA 1997 and section 81AA Stamp Duties Consolidation Act 1999 (“SDCA”) to €100,000.

Tax and Duty Manual Part 23-02-09 - Taxation Issues for Registered Farm Partnerships - has been updated as follows:

• to reflect an increase to €20,000 in the maximum cash equivalent of relief a partner is entitled to receive over a 3 year period.
• to include new content at section 2.1.2. regarding Regulation (EU) No.1408/2013 which deals with de minimis aid in the agriculture sector and sets out the maximum de minimis aid available to any individual farmer.

Tax and Duty Manual Part 23-02-11 - Tax credit for succession farm partnerships - has been updated to provide for an increase in the maximum amount of relief that may be granted under sections 667D (relief for succession farm partnerships) and 667B (stock relief) TCA 1997 and under section 81AA SDCA to €100,000.