ICSA president Dermot Kelleher has described proposals to cut the Capital Acquisitions threshold from its current rate of €335,000, as well as cutting Agricultural Relief from 90% to 80%, as abhorrent. “Our farming tradition is based on passing down farming enterprises through the generations, yet these are proposals that will actively prevent that from happening. They would decimate the future of family farming and destroy the future of agriculture in this country if they go ahead.” he said.
Continuing Mr Kelleher said, “Family farms being transferred to the next generation cannot be lumped with six figure tax bills. Such tax bills would totally undermine the future viability of countless farming businesses. The next generation will either be unable to take over a family farm or will be completely put off from doing so – it is a simple as that.”
Mr Kelleher made his comments in response to media reports today (Sep 12) indicating that proposals from the Commission on Taxation and Welfare, due to be published by the Minister for Finance Pascal Donohoe on Wednesday, could contain significant changes to the tax system, including inheritance tax.
Mr Kelleher said, “Taxing the next generation out of taking over family farms is abhorrent. It is in no one’s best interest, and I am calling on each and every political party in the Dáil to clarify where they stand on these proposals.”