The 2018 deadline for submitting an Agri-Partnership to the Department of Agriculture is March 31st. This deadline is being strictly enforced this year with no late submissions being accepted, miss it and face waiting until the Department re-opens submissions on May 15th.
To register for a farm partnership there are a number of documents required as part of the application, ensure these are submitted in full to the Department by March 31st or your application will not be processed.
Documents required include:
Completed application form
Bank details
Signed copy of the Partnership Agreement
Proof of off-farm income for Category II Partners who have reached their 41st birthday.
Copy of Folio of all owned lands
Copy of leases for all lands leased in
Evidence of agricultural qualifications for Category II partners
At ifac we are here to help you with this process every step of the way. If you are considering a farm partnership ensure to contact your local office in advance of the deadline to begin the process. Your local office will work with our Farm Support team and our National Tax Department to structure and advise on your application.
Benefits of a properly planned partnership:
Assists in the farm transfer and succession process
Enhance profitability
Improve work life balance
Reduce Income Tax
Secure 50% Stock Relief.
However, entering a partnership is a big decision requires serious consideration. Entering a partnership can have consequences; legal and tax advice should always be sought before applying.
Farmers already possessing a Joint Herd Number may have previously entered a partnership unwittingly, an issue which has arisen over previous years. It is best to seek expert advice to if you are unsure of your position.
Ifac Do’s & Don’ts of Partnerships
• Do NOT transfer your herd number or BPS to a registered partnership before deciding with your accountant / solicitor who exactly is in the partnership.
• Do NOT transfer your herd number to a registered partnership or joint names if you have applied and not been granted approval for a TAMS grant or GLAS. You must wait until approval has been granted before moving herd number.
• BPS must always be transferred to the new entity before the 15th May – next date 15th May 2018.
• Be aware of tax / legal issues of moving a herd number to joint names without setting up either a registered or unregistered partnership