A Teagasc seminar titled “Transferring the Family Farm” will be held in the Lyrath Hotel, Old Dublin Road, Kilkenny on Monday November 5 at 7.30pm. Inheritance and succession like death and taxes are things that are unavoidable. At this seminar you will gain an insight into not only the legal, social welfare, and tax implications but also the best way to go about having the conversation in the family setting. Eight out of ten farm owners have yet to identify a successor and fewer than half have made a will.
Planning the transfer of the family farm and other assets to the next generation can be a difficult task for any parent. It is seen as advantageous from a farming perspective to get young people involved and to devolve responsibility to them over time. There are good tax incentives to promote early farm transfer, but this is a personal decision for every land owner. It is important for everybody to be as informed as possible when making these types of decisions. To complete this task while looking after all of your dependants fairly and your own future income in the most tax efficient way while fulfilling the requirements of the law is not easy. Many people put off the event for as long as possible, with some transfers taking place leading up to a 35th birthday, but if the process started promptly and with careful planning some of the pitfalls may be avoided.
The seminar will be addressed by a number of experts including: a tax adviser, a solicitor, a succession mediator and a social welfare adviser. This seminar will have invaluable advice for farm families where succession decisions have not yet been made and for families who are in the process of transferring the family farm. All family members are welcome.
Slurry Spreading Dates Extended
Farmers are now allowed to spread the least amount of slurry necessary to ensure they will have enough capacity to tie them over the closed period. This spreading can take place up to Friday 16 November 2012 subject to the following conditions - Farmers have the required minimum storage capacity under normal circumstances; Storage tanks are at a current level that leaves insufficient storage capacity for the closed periods; The insufficient storage capacity arising could lead to a potential risk of animal welfare issues arising; Farmers must only remove and spread the least amount required to give them sufficient capacity to last until the end of the closed period; Normal requirements where spreading is not allowed in advance of adverse weather continue to apply; Farmers notify DAFM in advance of their intention to avail of this arrangement. Details of the notification process is available on DAFM website. Additionally there will be an earlier ending of the closed period, which will allow farmers in Zones A and B to spread slurry from 1 January 2013 subject to spreading conditions being suitable.