ICMSA welcome Government ‘realisation’ that farm Inheritance tax changes require ‘specific focus’

 The President of ICMSA, Denis Drennan, has welcomed the Government announcement that the changes to farm inheritance tax reliefs announced is the Budget will be ‘put on hold’.  Mr. Drennan said that ICMSA had noted and highlighted several instances in which the proposed changes would have impacted bone fide farm family successions and while the Association agreed with and heartily endorsed the stated aim of curbing the use of the relief measures by high net worth non-farming individuals as a means of passing on wealth, the measures proposed were simply not targeted and would effectively ‘hit’ genuine and non-genuine alike. 

Mr. Drennan said that the Government’s decision to pause the measures was a timely recognition of that flaw and he noted that the Commission on Generational Renewal set up to look at the specific problems around farm succession had several recognised financial experts who would surely be happy to ‘fine tune’ the proposals so as to deal with the unacceptable situation that had non-farmers trying to avail of relief measures intended to facilitate farm succession. The ICMSA President said that the Commission was scheduled to report back in Q2 of next year and he trusted that their recommendations would be included and acted upon in the following Budget.

Ends    31 October 2024

Denis Drennan, 086-8389401

President, ICMSA.

Or

Cathal MacCarthy, 087-6168758

ICMSA Press Office