Minister for Agriculture, Food and the Marine, Charlie McConalogue, has, today (Wednesday, August 9th, 2023) announced the launch of a new scheme – Succession Planning Advice Grant (SPAG).
The objectives of the Succession Planning Advice Grant Scheme are to:
- Encourage best practice in intergenerational land transfer to address, among other things, significant generational imbalances within farming;
- 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.
Eligibility and who can access the grant
- Farmers aged 60 years and above who are currently not in a succession farm partnership;
- Farming at least a minimum of 3 hectares of land at the time of application;
- Farming for a minimum of 2 years prior to application.
Minister McConalogue said the scheme will help older farmers to plan for their future and the future of their farms, by providing financial support towards the costs of legal and financial advice for succession planning.
McConalogue said in a statement: “It is very important to be able to assist farmers in making what can be very difficult but ultimately very important decisions about the future of their farming enterprise.”
“This scheme will be an important addition to the range of supports for generational renewal already in place, including significant agri-taxation supports; and strong supports for young farmers and collaborative farming under the CAP Strategic Plan.”
How to apply
The scheme will open from September 19th, 2023, until the end of the year.
The first tranche payment will be in Quarter 1 of 2024.
Paper application forms will be available at the National Ploughing Championships or alternatively, from the department’s website.
More farming news on www.thatsfarming.com:
- Farm succession planning needs ‘sensitivity, patience and trust’
- Plan farm transfers early to avoid ‘large’ tax bills
- ‘The legacy issue with the family name is still truly alive in Ireland’
- ‘It is important that young farmers engage with their accountant early’
- ‘Only if the boy is not interested will the girl be considered as a successor’