The UK government should introduce tax breaks to incentivise landowners to let land out in longer term tenancies, Jeremy Moody from the Central Association of Agricultural Valuers (CAAV) has said.
In 2015, the Irish government introduced income tax relief for landowners letting land out for five years or more. Moody said that around 300,000 acres were let under these terms in the first two years of the incentive being introduced.
“The area of conacre fell by 3% in 2015, 15% in 2016 and 28% in 2017, suggesting a progressive shift to longer term lettings as desired by the Irish government,” he said.
ADVERTISEMENT
Moody said that longer term leasing gives farmers more security for investment and improvement of land.
With the UK government aiming to increase agricultural productivity after Brexit, he said that tax relief similar to what the Irish government introduced could have a rapid and long-term impact.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
The UK government should introduce tax breaks to incentivise landowners to let land out in longer term tenancies, Jeremy Moody from the Central Association of Agricultural Valuers (CAAV) has said.
In 2015, the Irish government introduced income tax relief for landowners letting land out for five years or more. Moody said that around 300,000 acres were let under these terms in the first two years of the incentive being introduced.
“The area of conacre fell by 3% in 2015, 15% in 2016 and 28% in 2017, suggesting a progressive shift to longer term lettings as desired by the Irish government,” he said.
Moody said that longer term leasing gives farmers more security for investment and improvement of land.
With the UK government aiming to increase agricultural productivity after Brexit, he said that tax relief similar to what the Irish government introduced could have a rapid and long-term impact.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS