Pat O'Neill (Fine Gael)
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I thank both groups for their presentations and apologise for having missed the ICSA one. We meet all the agri-groups prior to each annual budget and we listen to many similar presentations. Can both groups respond to the question of income averaging, which does cause a problem? Can the ICSA expand further on how income averaging can be achieved? Farming is a volatile sector and much depends on the weather, as well as on world markets.

In the beef industry, we can see the current problems for suckler farmers who will have no income. If they had an income averaging situation, however, they may have a tax liability at the end of the year. How can we manage this income averaging? The ICSA said that farmers could perhaps opt out of averaging for one year.

That ties into the Macra na Feirme presentation on income volatility. Mr. O'Dowd said that a bond could be put in place but can he expand on that? A bond can be taken out but for how many years can it be left in place? I presume that income tax will be paid on it when it comes out. I ask both representatives to expand on those matters.