The 'Farm Succession and Transfer Guide' was launched by Teagasc Director, Professor Gerry Boyle, at the Knowledge Transfer Conference in University College Dublin on Friday 23 October. Tomás Russell of Teagasc/UCD, and author of the book, said, "This book provides farm families with a step by step guide through the processes of succession, helping them to deal with the emotional and complex issues involved in identifying a successor and discussing the future of the farm."

Teagasc says the book provides information and self-complete exercises to help farm families tease out the various issues relating to the farm transfer. It addresses issues such as the potential of the farm, the role and implications of other family members, communication, management responsibilities and farm transfer.

The book was created by Tomás Russell as part of his PhD study in the Teagasc/UCD Agricultural Innovation Support Programme. Those interested in getting a copy of this booklet should contact their local Teagasc Office.

Family Transfer Partnership

In Budget 2016, announced in the middle of October, a complete new structure called Family Transfer Partnership, was introduced by Minister for Agriculture Simon Coveney. The structure, which aims to make the transfer of farm ownership easier, was first talked about last year, and will see a tax credit of €5,000 each year for up to five years if there is a commitment to transfer the farm in a phased basis over a 10-year period.

The structure was part of the Irish Farmers Association's lobbying campaign before Budget 2016 was announced.

Alongside this, the capital acquisition tax threshold was increased to €280,000 which will further facilitate farm transfers.

For more information on the new Farm Partnership Structure, click here.