€200,000 Tax Free income with new Scheme
Details are emerging on the new Forestry Program, launched by the DAFM with Minister Pippa Hackett and Minister Charlie McConalogue.
While all the details are yet to be confirmed in Europe, in brief, we can confirm Native Woodlands will receive a tax free annual premium of €1,103 per hectare and that is now to be paid each year for 20 years, for farmers. this represents an increase of 66% on previous premium payments.
If you take an average planting area of 8 hectares (20 acres), a farmer will now receive €220,600 in annual premiums, tax free over 20 years.
It seems all forestry planting categories are seeing an uplift in premiums of 40% upwards to 66%.
New schemes to be encouraged include Rewilding land with emergent woodland and in Rewetting proposals under a Forests for Water scheme which will attract an annual premium of €1,142 per hectare.
Stay tuned for more details.