Finance Minister Michael Noonan has announced a number of tax measures to support young farmers across Ireland.
In his Budget speech, he announced a number of measures to encourage long term leasing of land.
Minister Noonan said there would be an increase in the income tax exempt threshold by 50% and a new threshold for leases of 15 years and over will be introduced.
The minister acknowledged the volatile prices make it difficult for families to earn a steady income, so to improve that he said that he is introducing a number of measures.
He is also allowing income averaging on farm income to be available to farmers who derive off farm income.
This measure will be reviewed after three years.
Meanwhile, the flat rate addition for farmers not registered for VAT is being increased from 5% to 5.2% with effect from next January.
An extra €6m over the next three years will be allocated to the fund for horse and greyhound racing.
The Government is also allocating additional capital of €5m to Horse Racing Ireland to 2015 to leverage investment in race courses.
The minister is also increasing the annual excise relief production ceiling for microbreweries from 20,000 to 30,000 hectolitres.
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