As many dairy farmers receive record milk cheques, they seem quite content this summer. Of course, they have to undo the damage of last year’s poor prices.

However, with good conditions, high volumes and constituents, this could lead to a big tax bill in October. Was it a lost opportunity by the Government not to adopt ICOS’s 555 income stability scheme in last October’s budget?

It would have given farmers the option to leave some of the milk cheque in the co-op and draw it down when it is more needed rather than giving it to the tax man.