Some 1,030 additional farmers signed up to tax relief for renting out their land on long-term leases in 2019 compared to 2018.

The latest available figures from Revenue show that a total of 10,820 farmers availed of the specific relief designed to encourage movement between older farmers to new entrants or younger farmers.

The relief is available for long-term leases of at least five years and can increase depending on the length of the lease.

The lease must be with someone who intends to continue farming the land.

Retirement

There was also an increase in the number of farmers availing of retirement relief within the family.

Some 322 farmers collectively saved €205m by handing over all or part of their farm business to an immediate family member around the age of 55.