Use tax system to help young farmers


By FWi staff


CALLS for government to reform the tax system to aid new entrants have been made by the National Federation of Young Farmers Clubs.


Roll-over and retirement relief from capital gains tax should be given to landlords who offer land for long periods to new entrants, said Neil Cameron, chairman of the YFC Agriculture and Rural Affairs Steering Group.


Income tax credits should also be introduced, he said.


A 100% credit would mean a young farmers bid of, say, 61/acre could still offer the owner a higher net income than a bid of 100/acre which would be subject to 40% tax.


With farming in crisis, initiatives to encourage the next generation are crucial, he added.


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