As the Minister stated in the Dáil, such a scheme would increase certainty about the timing of the transfer of a family farm to the next generation and greatly assist with long term planning and productivity. Such a partnership model would enable a gradual transfer of control and would also facilitate the transfer of knowledge and expertise from one generation to another. There are approximately 1,500 farm partnerships in Ireland today.

Under the proposed scheme, where a farmer wishes to pass his or her farm to the next generation of young trained farmers, they can form a “Succession Farm Partnership”. Ownership of 80% of the land will have to be passed to the next generation within 10 years. An income tax credit of up to €5,000 per annum for five years will be allocated to the partnership, to be split between the partners and in accordance with the profit sharing agreement.

It is proposed that to benefit from the tax incentives the young person must be under 40. Therefore, if they are 36 when they enter the partnership, they will only get 4 years of tax credits.

This measure is subject to EU State Aid approval but is a welcome proposal. We await this decision and the details of the Finance Bill with interest.

Under Budget 2016, in addition to the above proposed scheme a number of existing relief for farmers are being extended to 2018, namely General Stock Relief, Stock Relief for Farming Partnerships, Stock Relief for Young Trained Farmers, and the Stamp Duty Exemption for Young Trained Farmers.

Augustus Cullen Law have been providing property law advices for over 125 years. For any queries in respect to the above, or any property matters please do not hesitate to contact David Lavelle, Barbara Lydon or Ray Fitzpatrick.

20 October 2015

    Gillian and all at Augustus Cullen Law, A million thanks for a great job done. Justice for our son at last!!

    Catherine, Liam & William

    Dear Michael, A great result was achieved because of your efforts and we were truly blessed to have you on our side.

    Kathleen, Medical Negligence Client

    Dear Joice…you are and have been very professional, sympathetic and dignified in all of your dealings with us and I put that down to one simple fact. You listened.

    James, Medical Negligence Client

    Geraldine, Thank you most sincerely for all your hard work and commitment to these children.

    Freda McKittrick, Head of Barnardos Beacon Guardian Ad Litem service

    Neil is an absolute gentleman to deal with – kind, tactful and very efficient. We could not praise him highly enough. He brought us through a horrible time.

    Sean, Medical Negligence Client

    Many thanks again for a job well done. We really appreciate all your hard work and practical advice.

    Corporate client in a commercial litigation matter

    Dear Jamie, You and your team in ACL were so professional, diligent and prompt. I have recommended you and the firm, and will continue to do so

    Lorraine McCarthy

    Gus Cullen and the firm’s approach to addressing the key issues was professional, yet personal, efficient yet attentive.


    The process is a difficult one and when you deal with people who are so professional and yet genuine/real people, it makes it so much easier... so thanks a million.


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