Succession planning ‘huge issue’ for Donegal farmers

Succession planning has been found to remain a huge issue for farmers in Donegal.

A farm survey carried out by Ifac has revealed that low incomes, with profits often relying on subsidies and farm families requiring off-farm income to support their households has led to farmers not having a plan.

Ifac Donegal says this leaves the farmer and their successor vulnerable to acquiring substantial costs.

Declan McEvoy, Head of Tax with Ifac, says there a numerous reliefs farmers could available off to enable them transfer assets to family members tax free: