Taxes Consolidation Act 1997 section 667A

Further provisions for qualifying farmers

Section 667A provides enhanced stock relief for young trained farmers who first qualify on or after 1 January 2004 and before 31 December 2008, replacing the earlier scheme in section 667 with updated qualification and training requirements.

• A qualifying farmer receives stock relief at 100% (rather than the standard 25%) for the year of commencement and the following three years of assessment.
• To qualify, the individual must either first qualify for the Scheme of Installation Aid for Young Farmers or first become chargeable under Case I of Schedule D from farming, be under 35, and meet specified qualification conditions.
• Acceptable qualifications are updated to reflect current courses and accreditation by FETAC, HETAC, and the National Qualifications Authority of Ireland, with additional provision for persons with disabilities to qualify through a Teagasc-approved course of training.
• Transitional arrangements allow individuals who held qualifications or had completed courses under the old section 667 scheme before 1 January 2004 to carry those forward into the new scheme without having to re-qualify.