Updated: 12/10/16 : 12:04:19Printable Version
President Joe Healy has said Budget 2017 responded positively to IFAs
farm income campaign with significant measures on low-cost loans,
for farm schemes, the reversal of cuts to Farm Assist and flexibility
on income averaging to help deal with volatility.
Key agriculture measures in Budget 2017
- New 150m agriculture cashflow support loan fund, at an interest rate of 2.95% to be available to farmers in all sectors.
flexibility under income averaging, to be introduced for the current
year, will allow farmers to opt out of averaging in an exceptional
year. This will help farmers to manage the very difficult cashflow
situation on farms this year.
- 107m increase in funding of farm schemes under the Rural Development Programme
- 69m increase for GLAS to 211m for 50,000 farmers
- New 25m sheep welfare scheme
- Re-opening of the Beef Genomics Programme, with funding of 52m for 2017
- 111.6m for forestry and 5m for horticulture
of cuts to Farm Assist, along with 5 per week increase, and the
provision for 500 extra places under the Rural Social Scheme.
- Increase of 400 to the Earned Income Tax Credit to 950
- Excise rate on agri-diesel and all road fuels remains unchanged
- The flat rate VAT refund has been increased to 5.4% from January 1st. This is worth 9m.
- Farm restructuring relief from CGT has been extended to the end of 2019
- CGT rate for disposal of business assets up to 1m has been reduced from 20% to 10%
SEAI scheme for accelerated capital allowances for investment in energy
efficient equipment has been extended to sole traders.
Get a full summary of Budget 2017 measures for agriculture and farming on the IFA Website