“Succession is about far more than transferring land, it is about protecting the future of the farm business while ensuring fairness, financial security and stability for all involved,” Ruth Fennell said, according to Ireland Live News.
Farm succession remains one of the most difficult conversations around the kitchen table for many families, including those in Kilkenny, Teagasc reported. Delaying the discussion creates legal, financial and personal difficulties while limiting opportunities for the next generation.
The issue is particularly pressing given the age profile of Irish farmers. Dr Emma Dillon of Teagasc said that the average age of Irish farmers is 58, with approximately one-third aged over 65.
Frequently, heirs do not assume management authority or decision-making power until they reach their late forties or fifties. This makes it harder for younger farmers to invest in soil fertility, grazing infrastructure, livestock, buildings and labour-saving technology.
A practical starting point is an open family conversation where parents do not assume they know which son or daughter wants to farm. James McDonnell of Teagasc has written about the UNITE approach to help families begin the succession conversation.
The UNITE framework outlines specific steps for families to follow:
- U – Unity: Plan together, not separately, through a short focused family meeting.
- N – Nurture: Start early and build responsibility gradually with the next generation.
- I – Identify and inclusion: Recognise the personal side of stepping back and discuss future roles openly.
- T – Tasks and trade-offs: Be practical about fairness and finance so everyone understands decisions.
- E – Execute: Make the plan active and review it regularly as a process rather than a single event.
Department of Agriculture supports are available, and earlier transfers allow families to make better use of them. Qualified individuals who have completed agricultural training and meet age criteria can take advantage of stamp duty relief, stock relief, increased TAMS investment limits and young farmer payments.
Rules remain complex, and professional advice should be obtained before any transfer takes place. Registered farm partnerships, long-term leasing, share farming and contract rearing offer alternative routes when no family successor is identified.
Capital Gains Tax, Capital Acquisitions Tax, Stamp Duty, Agricultural Relief, Retirement Relief and Young Trained Farmer relief require careful consideration. A valid will should complement all succession plans and be reviewed after any changes in family circumstances.
The average age of Irish farmers is 58, with approximately one-third aged over 65, according to Dr Emma Dillon of Teagasc.
Families can explore long-term leasing, share farming, contract rearing or working with a neighbouring farmer.
Many transfers are delayed because the older generation still depends on farm income, making pension provision, PRSI records and future healthcare needs essential parts of the discussion.