Taxes Consolidation Act 1997 section 667B

New arrangements for qualifying farmers

Section 667B provides enhanced stock relief at the rate of 100% for qualifying farmers, commonly known as young trained farmers, who commence farming on or after 1 January 2007 and on or before 31 December 2027.

• A qualifying farmer is an individual who first qualifies for the Department of Agriculture Installation Aid scheme, or who is under 35 at the start of the tax year in which he or she first becomes chargeable to farming income and holds a trained farmer qualification within the meaning of section 654A or a Teagasc letter of confirmation in the case of disability.
• The 100% stock relief applies for the tax year in which the individual becomes a qualifying farmer and for each of the three succeeding tax years, in place of the normal 25% rate.
• The relief is capped at €40,000 in any single tax year and €100,000 in aggregate over the four-year qualifying period, with a lifetime ceiling of €100,000 across this section, section 667D and section 81AA SDCA 1999.
• The enhanced relief is available only where the qualifying farmer is a microenterprise or small enterprise within the meaning of Annex I to Commission Regulation (EU) 2022/2472, and the farmer must submit a business plan to Teagasc or the Minister for Agriculture on or before 31 October of the year following the year in which he or she first qualifies.