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Creed Launches Registration of Succession Farm Partnerships

Minister Michael Creed T.D, Minister for Agriculture, Food and the Marine launched the new succession farm partnership register following a recent meeting with newly appointed President of Macra na Feirme James Healy.  The scheme, which was developed by the Department in conjunction with the Office of the Revenue Commissioners and Teagasc is designed to facilitate formalized succession planning within farming enterprises through tax incentives and structured asset transference built in to the succession partnership agreement.

Minister Creed stated “I am delighted to launch the new succession farm partnership register.  This scheme will encourage the generational change critical for the future of farming. By facilitating collaborative working in a way that assures the long term financial security of both the farmer and the successor, this scheme will increase operational efficiency on farm by supporting best practice in intergenerational transfer of the holding.”

Under the scheme, partnerships on the Department’s register may apply to join the succession farm partnership register. 

Partnerships on this register can benefit from an incentive of € 5,000 for up to five years, during the Succession Agreement term, until the identified successor(s) reaches the age of 40. 

The scheme is designed to encourage the successor to become invested in the enterprise as early as possible to be fully ready to take over when the time is right.

It is strongly advised that anybody considering entering into a succession farm partnership take independent legal and financial advice.

For additional information on the register of farm partnership and succession farm partnerships, please speak to your farm advisor or visit: http://www.agriculture.gov.ie/pfstc140416/

This Succession Farm Partnership scheme is part of the Government’s commitment to Rural Ireland.

To view this Press release as a PDF: DAFMPR 96/2017 (pdf 422Kb) 

Added 01.06.17

Minister for Agriculture, Food and the Marine, Michael Creed T.D. at the launch of the new succession farm partnership register from (L to R) Pat Dillon, Head of Animal & Grassland Research and Innovation Programme, Teagasc, Minister for Agriculture, Food and the Marine T.D. and Paul Smith, Macra Na Feirme

Date Released: 01 June 2017