Philip O’Connor and Trevor Boland from IFAC, the Irish Farm Accounts Co-operative Society, are on this week’s Beef Edge podcast to discuss what can be done to help plan a farm transfer.
Philip & Trevor discuss farm partnerships and registered farm partnerships and with the new Basic Income Support for Sustainability replacing the previous basic payment scheme, many farmers are considering options for making changes.
Trevor outlines that with the national reserve, where land that doesn’t have entitlements, the young farmer can claim entitlements and there is no income limit as there was previously.
The Young Farmer Top up on the first 50ha at €165 per hectare is really worth looking at he says. There is a double TAMS grant with a maximum threshold of €90,000 at 60% for the young farmer and 40% for the other party. This does not apply to joint herd numbers.
Young Farmers starting off and who want to get more involved in the family farm can get their name on the herd number and bank accounts and be involved in decision making on the farm.
So with the start of a new CAP period from 2023 to 2027, new schemes and incentives, it is a good time to look at the structure of the farming enterprise and decide if a new structure is needed.
There are a number of options including a joint herd number, a registered farm partnership and perhaps a company in some cases. There is also the additional option of a succession farm partnership.
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