An Taoiseach Simon Harris has said that there needs to be a “radical reform” of succession and inheritance tax in the years ahead to assist the next generation of farmers.

Speaking to the Irish Farmers Journal on Wednesday, he said that changes to key inheritance taxes are being considered in Budget 2025.

“Unfairnesses, anomalies, and also the impact on farmers and the likes, are issues that are being seriously considered in the run-up to the budget,” he said.

“I do think we need to be mindful of the fact that farm and house prices have risen and inheritance tax rates haven’t,” An Taoiseach said.

Minister for Agriculture Charlie McConalogue told the Irish Farmers Journal at Tullamore Show that the soon-to-be established commission on generational renewal will examine the possibility of a farm retirement scheme.

Farmers could be paid to retire and hand over their land to the next generation in the coming years, he said.

The minister suggested that the eligible age for a potential retirement scheme could be different to the last scheme, which was open to farmers aged between 55 and 65, and was scrapped in the late 2000s.