Wednesday, May 07 16:42:00
Thousands of farmers could be in line for a E5,000 to E10,000 windfall each after Minister for Finance, Michael Noonan announced a special Capital Gains tax exemption recently.
The exemption will apply to farmers who have been leasing out their land. Under new rules, these farmers now have to sell their entitlement rights to EU single farm payments before the 15th May 2014 or lose their entire value.
Greg Murphy, who runs TaxAssist Accountants said; "We've had a lot of our farming clients in contact about this recently - wondering what they should do as put simply they were not ready for this change to the CAP. However, this is a form of help from the government that will be welcomed by the farming community".
A Transfer of Entitlements form can be downloaded from the Department of Agriculture website and this form must be submitted directly to the Department.
Mr Murphy has the following advice: "If you have entitlement on land you are not farming it is important to take action prior to the 15th May deadline. If your son or daughter is farming your land but you don't have a formal lease in place you should still look at transferring the entitlements".