Farmers are “petrified” that Sinn Féin in Government could bring about changes in agricultural tax legislation, according to agri solicitor Aisling Meehan.
Significantly more farmers are seeking to finalise their succession and inheritance affairs before the next election, she told almost 550 farmers at an IFA farm succession meeting in Carlow on Tuesday night.
“I’m seeing people who are moving [on farm transfers] because of a fear of a change in Government. The reality is that the agri-tax relief is so simple [to qualify for]. You can have successors that have no interest in farming. That’s not going to last,” she warned.
Meehan also noted that with an exodus of rural youth to Australia, there has been an increase in families trying to sort their farm succession affairs sooner rather than later.
“It used to be the fear of the farm being taken into account for the Fair Deal scheme. That has been overtaken by a fear of a change in tax legislation,” she said.
The IFA succession meeting in Carlow on Tuesday.
Ifac senior accountant Con O’Connell backed Meehan, warning that farmers should be “proactive” on succession now, given that political parties in opposition could soon be in power. “It’s like anything – the devil you know is better than the devil you don’t,” he told farmers.
IFA farm business chair Rose Mary McDonagh said the farm organisation is “extremely concerned” about a change in Government.
“Councillors, TDs, ministers – we need to lobby, we need to make sure that they know the consequences and that farms have to be viable when they’re inherited. There is a massive fear out there that any of those reliefs could be touched or changed,” she said.
Sinn Féin position
Sinn Féin leader Mary Lou McDonald previously said that the party sees farm assets as “distinct from other assets that we would look to capture in a wealth tax”.
Read more
Sinn Féin no threat to farm capital assets - McDonald
Farm transfers safe under a Sinn Féin government - McDonald
Farmers are “petrified” that Sinn Féin in Government could bring about changes in agricultural tax legislation, according to agri solicitor Aisling Meehan.
Significantly more farmers are seeking to finalise their succession and inheritance affairs before the next election, she told almost 550 farmers at an IFA farm succession meeting in Carlow on Tuesday night.
“I’m seeing people who are moving [on farm transfers] because of a fear of a change in Government. The reality is that the agri-tax relief is so simple [to qualify for]. You can have successors that have no interest in farming. That’s not going to last,” she warned.
Meehan also noted that with an exodus of rural youth to Australia, there has been an increase in families trying to sort their farm succession affairs sooner rather than later.
“It used to be the fear of the farm being taken into account for the Fair Deal scheme. That has been overtaken by a fear of a change in tax legislation,” she said.
The IFA succession meeting in Carlow on Tuesday.
Ifac senior accountant Con O’Connell backed Meehan, warning that farmers should be “proactive” on succession now, given that political parties in opposition could soon be in power. “It’s like anything – the devil you know is better than the devil you don’t,” he told farmers.
IFA farm business chair Rose Mary McDonagh said the farm organisation is “extremely concerned” about a change in Government.
“Councillors, TDs, ministers – we need to lobby, we need to make sure that they know the consequences and that farms have to be viable when they’re inherited. There is a massive fear out there that any of those reliefs could be touched or changed,” she said.
Sinn Féin position
Sinn Féin leader Mary Lou McDonald previously said that the party sees farm assets as “distinct from other assets that we would look to capture in a wealth tax”.
Read more
Sinn Féin no threat to farm capital assets - McDonald
Farm transfers safe under a Sinn Féin government - McDonald
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