Commenting following the publication of Finance Bill 2013, the ICMSA President, John Comer, has welcomed as “pragmatic” the implementation of the Capital Gains Tax Restructuring Relief and confirmation of the extension of the Young Trained Farmers Stamp Duty Relief until 31 December 2015.
Mr. Comer stated that the continuation of the Young Trained Farmer Stamp Duty Relief to the end of 2015 is essential to encourage the younger generation into farming in a cost- efficient manner and compliments the Capital Gains Tax Restructuring Relief and Stock Relief measures which will apply until the end of 2015.
On the issue of the Capital Gains Tax Restructuring Relief, Mr. Comer stated that ICMSA are pleased with the certification procedure outlined for this relief and said that any consolidation that occurs which results in the more efficient operation of a farm enterprise must be eligible for the new relief. However, Mr. Comer stated that it is crucial EU State Aid approval is secured as soon as possible to allow farmers plan for the future.
The ICMSA President concluded by saying that ICMSA were disappointed that other issues such as the impact of the reduction in tax-free thresholds for Capital Acquisitions Tax, VAT Refund on Wind Turbines and the problems surrounding the carbon tax rebate were not addressed in Finance Bill 2013 and stated that ICMSA will raise these matters again with Minister Noonan.
Ends 13 February 2013.
John Comer, 087-2057846
Cathal MacCarthy, 087-6168758
ICMSA Press office