Taxes Consolidation Act 1997 section 667

Special provisions for qualifying farmers

Section 667 provided an enhanced rate of stock relief at 100 per cent (instead of the normal 25 per cent) for certain young trained farmers who met age and training requirements.

• A qualifying farmer was required to either first qualify for grant aid under the Scheme of Installation Aid for Young Farmers in 1993–94 or a later year, or first become chargeable to income tax on farming profits in 1993–94 or a later year while being under 35 years of age and meeting specified training or education requirements.
• The enhanced stock relief rate was 100 per cent of the increase in stock value, replacing the standard 25 per cent rate available to other farmers.
• The 100 per cent relief was available for a period of four years from the year in which the farmer first qualified.
• This section applied to young farmers qualifying up to 31 December 2004; section 667A covered those qualifying between 1 January 2004 and 31 December 2008, and section 667B covered those qualifying between 1 January 2007 and 31 December 2021.