Key farm tax reliefs due to expire at the end of the year have been rolled over in Budget 2024, with Minister for Finance Michael McGrath also raising some agricultural relief thresholds.

Consanguinity relief – which supports the transfer of family farms – has been extended until the end of 2028. Accelerated capital allowances for farm safety equipment were also extended after being due to expire in December.

A new higher maximum limit of €100,000 will apply to the combined relief accessed over a lifetime between young trained farmer stamp duty reliefs, stock reliefs for young trained farmers and the reliefs for succession in farm partnerships.

A new combined ceiling for stock relief for farmers in a registered farm partnership of €20,000 will apply, up from €15,000 previously.

The land leasing income tax relief will be amended to better target the support to active farmers. Changes are planned which see farmers only being able to avail of the income relief when the land they are leasing out has been owned for seven years.

This particular relief allows for incomes earned by leasing out land for periods of over five years to be exempt from income tax up to specified limits, which range up to €40,000 per year for leases agreed for 15 years or longer.