Revised Income Tax Guidelines for Farm Partnerships
Revenue has published a revised income tax guideline booklet which is of major benefit to farmers in the formation and operation of Registered Farm Partnerships.
Teagasc Farm Structures Specialist, Thomas Curran has worked closely with Revenue staff to ensure that this very valuable document is made available to accountants and tax advisors as an online publication. Mr Curran said: “This publication is extremely valuable booklet and will provide clarity to accountants and tax advisors in the setting up of the farm partnership correctly while also providing guidance on the completion of income tax returns for each partner on an annual basis”.
There are four key areas to be addressed during the formation of a registered farm partnership: the on-farm agreement between the parties; the written legal agreement; the interaction with Department of Agriculture, Food and the Marine schemes and structures and accounting structures. This booklet provides detailed guidelines on the setting-up of the partnership from revenue and accounting perspectives.
Revenue said: “The booklet outlines the principal features of the Irish tax system as it relates to farmers establishing, registering and maintaining a Registered Farm Partnership. It is intended to provide clarity on the tax matters to be considered on forming a Registered Farm Partnership and should serve as a useful guidance document for farmers and their advisors.”
Registered farm partnerships can be formed in any farm enterprises or between any combinations of farm enterprises. The booklet will be invaluable in providing guidance to farmers and their professionals in the formation of registered farm partnerships.
The booklet is now available here: https://www.teagasc.ie/rural-economy/farm-management/collaborative-farming/registered-farm-partnerships/taxation/ and the Revenue website under Taxes & Duties – Income Tax – Leaflets or by clicking the following link, http://www.revenue.ie/en/tax/it/leaflets/registered-farm-partnership.pdf