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Specimen Farm Partnership Agreement

This document contains guidance on the terms of the scheme and on a standard succession agreement. Valerie Woods, of the Partnership Registration Office, said: “This system was designed to foster generational change, which is essential for the future of agriculture. By facilitating cooperation in a way that ensures the long-term financial security of the farmer and successor, this system will improve the efficiency of the farm by supporting good succession planning practices. Estate partnerships are an incentive for income tax to encourage farmers to transfer agricultural activity to their identified agricultural successors or successors. Existing partnerships registered with the Department can be transferred to the registry of the agricultural partnership that will follow it by meeting the additional criteria necessary for the incentive. Thomas Curran, Agricultural Structures Specialist, Teagasc, has formed a working group to develop a standard follow-up agreement and an explanatory brochure on: Mr. Ben Roche, Collaborative Agriculture Advisor, Diarmaid O`Cathain and Eddie O`Leary (solicitor), James Byrne (accountant); Revenue Staff and Department of Agriculture, Food and the Marine staff. The agreement model assists farmers, successors and their professionals, such as lawyers and accountants, in establishing an agreement to support their particular circumstances. Thomas Curran, Teagasc, said: “This model of succession agreements and the explanatory brochure will provide clarification to farmers and their professional advisors, while setting the standard for the quality of the agreements required by the plan.” An estate partnership uses an income tax incentive to encourage the transfer of agricultural assets such as land, farm buildings, CAP rights, livestock and machinery from the existing farmer to successors within 3 to 10 years after initial registration. Succession farm partnerships are a new complement to the collaborative farming options that will be available to Irish farmers from 2017.