The tax package for farmers in Budget 2015 is “nothing short of derisory”, offering only “minor concessions and a number of renewals of time limited taxes”.
This is the view of Fianna Fáil agriculture spokesperson and Galway West TD Éamon Ó Cuív, who said the package “will not have any significant impact on the vast majority of farmers”.
The Cornamona based TD said what was left out of the Budget was worse than what was included. He cited as a “major omission”, tax relief on long-term leases between family members which would ensure the early intergenerational transfer of land. He said it was “disappointing” that there was no introduction of simplified tax returns system for small farmers.
Dep Ó Cuív noted: “This all has to be taken in the context of 2015, which is the year that the lowest amount of direct payments will be available for farmers between Single Farm Payment and the rural development package.”
However Fine Gael Galwaty East TD said Budget 2015 has introduced “many incentives towards ensuring the State’s agricultural output continues to increase”. He cites changes to the treatment of income from long term leasing; changes to the capital gains tax regime; and the removal of an upper age limit of 40 in terms of some reliefs for farmers, as examples of this.