04 Oct 2022

Tipperary farm families urged to attend succession talk

Handing on the farm is a complex issue

Tipperary farm families urged to attend succession talk

North Tipperary IFA chair Imelda Walsh: 'There are many threads to succession'

North Tipperary IFA is holding a meeting this Tuesday, April 30, at 8 pm at the Abbey Court Hotel, Nenagh, entitled the Succession Talk, which sometimes can be a difficult conversation to start.

There are many threads to succession. There’s the handing on of the farm to the next generation while ensuring that the parents have a viable income and what is fair regarding inheritance for siblings.

While a farm, from a monetary viewpoint, can be worth quite a lot, it needs to be remembered that the farm is the tool of our trade, and, in most cases, provides a living for one family. In terms of succession fair doesn’t equate to equal, said Ms Walsh.

There are a number of farmers who don’t have an identifiable successor, and, perhaps in this case, the service of the land mobility team may be a real option.

We have many young trained farmers who did not have access to land, but had other skillsets that the shared farming opportunity may present, she said.

Another issue that has to be addressed was the cap of €70,000 stamp duty for our young trained farmers, which, Ms Walsh said, was a huge anomaly.

"We are constantly being reminded of the age profile of our farming families and the need for young regeneration in agriculture with the EU encouraging more young people to get involved in agriculture if this is to happen we need to remove the roadblocks," she said.

Speakers include Declan McEvoy, Ifac, who will address and advise on tax implications on succession. He will also speak on partnerships. Declan will have the up-to date information from Revenue regarding the €70,000 stamp duty issue. 

Austin Finn from the land mobility services, which provides opportunities to facilitate a workable arrangement between partners for lease, shared farming, partnerships, will advise on this brokerage service.

Mark Hassett, solicitor, will address the legal implications of succession and advise on best practices in this decision, which is hugely important in protecting all parties.

Martin Stapleton, IFA farm business chairman, will give the views of IFA on succession and advise on discussions held with revenue, Department of Agriculture and Department of Public Expenditure on anomalies that are in contradiction to encouraging young people to get involved in agriculture.

This is an open meeting and all are welcome.

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