Those interested in forming a registered farm partnership (RFP) in time for the Basic Payment Scheme (BPS) deadline of 15 May should be finalising their application now.

According to the Department, applications with accompanying documentation must be received in the RFP unit by 28 February 2019 to ensure the RFP number arrives before 15 May for the BPS 2019 year.

The most common type of farming partnership is between family members, but they can also be formed between two unrelated farmers.

Forming an RFP is not something to be done on a whim and needs careful consideration.

Interested parties should seek the advice of experts such as solicitors, accountants, farm advisers and family members.

Some benefits of forming a farm partnership include formalising the roles and profit share for individual partners, qualifying young farmer in the partnership can avail of the Young Farmer Scheme top-up payment, some farmers planning investment in their farming infrastructure could gain from a higher investment ceiling in the Targeted, Agricultural, Modernisation Scheme (TAMS) II and there is a higher stock relief ceiling for RFPs.

Requirements

The following documents need to be included to ensure an application will be processed:

  • Completed application form.
  • Completed bank details.
  • Copy of folio of all owned lands.
  • Copy of leases for all lands leased in.
  • Evidence of agricultural qualifications for category II partners.
  • Copy of on-farm agreement.
  • A signed copy of the partnership agreement.

    • One of the main conditions for registration is that all parties included in the RFP must be associated with the herd number. Such updates are made by contacting the relevant district veterinary office (DVO). Following receipt of this number, all applications to the Department for BPS, ANC, TAMS, Young Farmers Scheme, etc, should be made using this RFP number.