Introduction comments

"Farming and the agrifood sector has been going through a tough time recently due to lower world prices and weather. Brexit and the subsequent weakness in sterling strongly impacts the agrifood sector.

"This poses a competitive challenge for farmers and agrifood companies that sell a great deal of their output into the UK market. Today I am announcing a package of measures to assist the sector."

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On income averaging

"I introduced a range of measures in past budgets to assist the development of the sector and to help with the transfer of farms from one generation to the next.

"To assist in the current difficult circumstances, I am allowing a farmer facing an exceptionally poor year to step out of income averaging and, instead, pay only the tax due on a current year basis with any deferred tax liability becoming payable over subsequent years. This facility will be available immediately and should provide cashflow assistance this year."

Read more about new income tax arrangements here.

Flat-rate VAT

"The flat rate addition for farmers not registered for VAT is being increased from 5.2% to 5.4% with effect from 1 January 2017.

"The scheme, which is reviewed annually in accordance with the EU VAT Directive, compensates unregistered farmers for VAT incurred on their farming inputs."

Restructuring relief

"In Budget 2013, I introduced farm restructuring relief to run to the end of 2015. In Budget 2015, I extended the relevant period to the end of this year and today I am extending it to the end of 2019. The terms of the relief are unchanged."

Low-cost loan

"To further support farmers, my colleague, the Minister for Agriculture, Food and the Marine, will be utilising EU exceptional adjustment aid to develop, in conjunction with the Strategic Banking Corporation of Ireland, a loan fund that will be low cost, below 3% per annum, and highly flexible. These loans will enable farmers to improve the management of their cashflow and reduce the cost of their short-term borrowings. Minister Creed will announce the details."

Read more about the new low-cost loans here.

Capital allowances for energy-efficient equipment

"I am extending the scheme of accelerated capital allowances for investment in energy-efficient equipment to sole traders.

This implements the final recommendation of the agritax review and will help businesses in the farming and marine sectors to invest in energy efficient equipment and receive the full allowances in the first year. This will help to contribute to the achievement of our climate change targets."

Bog restoration scheme CGT exemption

"I wish to inform the house that payments under the new raised bog restoration incentive scheme to relevant owners and rights holders will be exempt from Capital Gains Tax."

Read more about the CGT exemption for bog owners here.

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Budget 2017: full coverage