Press Room

Macra na Feirme national president Colm Markey welcomed today's changes to the Finance Act for tax exemptions for long term land leasing.

In this year's budget, Macra na Feirme secured exemptions for individuals leasing out their land on a long term basis from 7,500 euros to 12,000 euros for leases between five and seven years, and from 10,000 euros to 15,000 euros for leases of more than seven years. However, until today the Revenue Commissioners had interpreted the rental element of the Single Farm Payment as not qualifying for the relief.

Mr Markey said that today's amendment to the Finance Act which provides for the inclusion of the Single Farm Payment element for tax relief purposes will encourage individuals to let their lands to young farmers on a long-term basis and should increase the supply of land available for long term leasing to young trained farmers.

Macra's basis for seeking the amendment to the Finance Act was that the overall rental value of land would increase due to the fact that the value of the Single Farm Payment entitlements attached to the land would be bid into the rental price of the land.

'Increasing this relief will encourage farmers to long term lease their land and entitlements to progressive farmers. For most young farmers who want to expand, buying land is not an affordable option,' said Mr Markey.

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