The Department of Agriculture, Food and the Marine (DAFM) has received 671 payment claims under the Targeted Agriculture Modernisation Scheme (TAMS) II. Of this, 257 have been processed.

A DAFM spokesperson said all payment claims submitted are being processed as quickly as possible, with the aim of paying as many as possible before the end of the year.

“Where issues have arisen with payment claims, we are working with farmers individually to resolve outstanding queries and allow payment to proceed. The details of final expenditure in 2016 will be available in early 2017.”

Granting of approvals under the fourth tranche of TAMS II have also commenced. DAFM says administrative checks have been completed of the 1,761 applications received, with 74 approvals issued to date. The fifth tranche of the scheme remains open for applications until 13 January 2017.

Retirement relief for conacre land

IFA farm business chair Martin Stapleton has reminded farmers whose land is currently let out on conacre that, in order to retain the option of availing of capital gains tax (CGT) retirement relief on disposals of that land outside of their family, they must dispose of it by 31 December 2016 or put it into a long-term lease of a minimum of five years.

He said: “The agri-taxation review provided a two-year window of opportunity for farmers who had their land let on conacre to avail of CGT retirement relief on disposals other than to a child. Between 1 January 2015 and 31 December 2016, where the land was let under conacre, individuals had the opportunity to either dispose of their land or lease it for a minimum of five years (to a maximum of 25 years) and then ultimately dispose of the land. Farmers who are engaged in the process of selling their land or converting it into a long-term lease must keep in mind the deadline.”

In all cases, to qualify for the relief, the land must have been owned and farmed by the individual disposing of the land for 10 years prior to the land being let.