The Carrickbeg/Windgap branch of the IFA will hold its Annual General Meeting at The Old Mill this Thursday night, November 29th, at 8:30pm.
The association is in the middle of its AGM season and has appealed to all members to make an effort to come and discuss the major issues facing farming today.
Meanwhile, the IFA’s Skillnet network has been hailed a success thanks to its securing the necessary funding required to continue its training and development programme for another two years.
Said Waterford IFA County Chairman Michael Keane: “To survive in the agri sector businesses must be highly competitive and efficient and over the past four years, IFA Skillnet had proven itself as invaluable in supporting thousands of farm businesses better equip themselves for the challenges ahead.”
Mr Keane said the IFA network has ambitious plans for the next two years and is now positioning itself to expand. He encouraged every local IFA member to take advantage of the opportunities presented by Skillnet.
A training workshop that aims to inform farmers of the opportunities and pitfalls of farm assets transfers will take place at the Clonea Strand Hotel tomorrow (Thursday) from 10am to 4pm.
“Failing to plan is effectively planning to fail,” added Michael Keane, when discussing a topic which nets the Revenue Commissioners over €60 million annually.
“Farmers must organise their affairs in advance of the transfer, sale or purchase of an asset.”
The workshop, titled ‘Succession and Tax Planning’ will take participants through all the steps in succession planning, enabling a smooth and efficient transfer of their assets.
Ahead of the workshop, IFA Skillnet Chairman Ruaidhri Deasy cited one of the major issues arising from poor succession planning.
He said: “If a farmer making a will does not clearly describe to whom or where the single farm payment should be allocated, it falls into the residue of the estate and were this to happen it may become inactive as there may be no land on which to activate the payment
“There also exists a common misconception that the break-up of joint tenancies incurs no tax liability.”