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Minister Wallace sets out incentives for next generation of farmers

The Minister of State at the Department of Agriculture and Food, Mary Wallace TD, opened a seminar on "Farm Family Matters" in Co Meath this week. Minister Wallace was invited to speak on the topic "the importance of handing on the family farm to the next generation".

During her speech, the Minister set out the initiative being pursued at government and at EU level to attract young people into farming and the government's commitment to the continuation of policies which will encourage the earliest possible transfer of land to young farmers.

The Minister dealt with a range of issues including:

  • Supports for young farmers
  • The Early Retirement Scheme
  • Income tax exemption limits on long term leases
  • Reliefs and Initiatives under Capital Gains Tax
  • Reduced Exposure to Capital Acquisition Tax
  • Stamp Duty exemption
  • Reliefs on Single Farm Payment Entitlements
Options within Forestry

In her capacity as Minister of State with special responsibility for Forestry, she also set out the attractive benefits of opting for planting especially following the introduction of the decoupled payment as part of the recent CAP reform.

Minister Wallace also pointed to the importance of ensuring that a framework remains in place to allow efficient and productive farms to operate at a scale in keeping with their ambition and ability.

NOTE FOR EDITORS

The content of Minister Wallace's speech can be found on the Department's website at Speeches by Minister of State Mary Wallace

24 May 2006

Date Released: 24 May 2006