The scheme, due to open from September 19th 2023 aims to encourage and support farmers aged 60 years and above to seek succession planning advice by contributing up to 50% of vouched legal, accounting, and advisory costs, subject to a maximum payment of €1,500. Those eligible to apply are: farmers aged 60 years and above who are currently not in a succession farm partnership; are farming at least a minimum of 3ha of land at the time of application; and are farming for a minimum of two years prior to application.
Application will be open until the end of 2023 and first tranche payment will be in Quarter 1 of 2024.
Advice must be sought from accredited professionals, which includes Solicitors, Accountants and accredited agricultural advisors.
Given that farm transfers and succession matters are often complex, and need to balance to needs of both transferor and transferee, it is vital that professional advice is sought in plenty of time. Often the process ends up getting rushed just before an tax deadline is about the elapse, and this can regularly lead to bad decisions which can affect either the viability of the farm or the security of the retiring party.
O’Dowd Solicitors are approved for the purposes of Succession Planning Advice Grant, and Mícheál O’Dowd, managing partner, is himself an active dry stock farmer in Co. Cork and has in depth knowledge of all things law and farming.