With the February deadline looming, ifac, Ireland’s farming, food and agribusiness specialist professional services firm, is advising Roscommon farmers that getting the right advice is crucial for registered farm partnerships.
Philip O’Connor, Head of Farm Supports at ifac said: “Changing farm structures is a big decision for any farmer and all Department of Agriculture, Revenue and legal aspects should be reviewed fully before entering a farm partnership.
“Once your accountant and or solicitor have examined the structure and it makes financial, succession and legal sense, the next step is to deal with the Department of Agriculture. The current deadline for applying for a Registered Farm Partnership number this year is February 11th”.
According to Mr. O’Connor, those in a registered partnership can avail of various grants including a double ceiling for TAMS, enhanced stock tax relief, and a good route for succession and expansion.
Regarding women in farm partnerships, Mr. O’Connor said: “It’s important that women are encouraged and supported to become officially recognised for the work they do on farms and forming a registered farm partnership could be the first step”.
Farming in partnership could also lead to additional benefits when it comes to jointly owned lands and contributory pensions.
