Martin Kenny (Sligo-Leitrim, Sinn Fein)
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118. To ask the Minister for Finance the estimated cost of allowing the €5,000 tax credit incentive under the farm partnership scheme to be allowable against non-farm income (details supplied). [6992/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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I assume the Deputy is referring to the tax credit available through the Succession Farm Partnership scheme.

This scheme is a joint initiative between my Department and the Department of Agriculture, Food and the Marine, designed to encourage an older farmer to form a partnership with a young trained farmer, with a view to transferring management of the farm and ultimately ownership of the farm.

It was announced in Budget 2016 and commenced early 2017 following State Aid approval. The use of a partnership model, rather than an upfront outright sale, allows for the transfer of knowledge from the older farmer to the younger farmer in advance of the transfer of ownership of the land.

For a period of five years, a tax credit of €5,000 is available to the partners. The credit can only be offset against their farming income, and it is to be split between the partners in accordance with their profit sharing ratio.

As 2017 was the first year in which this credit could be claimed, I am advised by Revenue that data in respect of taxpayers availing of this credit, and their relevant incomes, are not yet available. Information in relation to 2017 will not be available until mid-2019 when tax returns for 2017 have been filed by taxpayers and processed by Revenue.

As such, I am not currently in possession of the relevant data which would allow me to make the cost estimation which has been requested by the Deputy.