Taxes Consolidation Act 1997 section 667C

Special provisions for registered farm partnerships

Section 667C provides stock relief generally at the rate of 50% for farmers who are partners in registered farm partnerships and at the rate of 100% for young trained farmers who are partners in such partnerships.

• Partners in a registered farm partnership qualify for stock relief at 50% (rather than the standard 25%), with the enhanced rate available for accounting periods commencing from 1 January 2012 and ending on or before 31 December 2027.
• Young trained farmers in a registered farm partnership qualify for 100% stock relief for four years, reverting to 50% thereafter; the cash equivalent of the relief is capped at €20,000 over a qualifying period of 36 months (for qualifying periods commencing on or after 1 January 2024).
• A farm partnership must satisfy strict conditions to be entered on the register, including a minimum five-year written agreement, at least two (and no more than ten) active partners, and compliance with qualification and profit-sharing requirements.
• The Minister for Agriculture may make regulations establishing and maintaining the register and prescribing the conditions for registration, and must remove or suspend partnerships that cease to comply.