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Irish Times
24-06-2025
- Business
- Irish Times
The D4 farmers: How the rich are buying up land to avoid inheritance tax
In west Cork , there has been an influx of rich Dublin buyers in the area of late. 'It is a notable trend,' local agent Maeve McCarthy, of Charles McCarthy Estate Agents in Skibbereen, says. But, rather than seek out a site with a view, or a beachfront holiday home, these buyers are coming with one purpose in mind – to reduce the inheritance tax their family will have to pay. 'High net worth families are purchasing agricultural land as a means of transferring wealth in a tax-efficient manner,' she says. It's the latest wheeze dreamt up by tax advisers to help rich families reduce tax bills when passing on assets to the next generation. READ MORE Availing of agricultural relief can mean a 90 per cent reduction in the taxable value of the asset. And not only that, but if the land is leased, subject to certain conditions, rental income can also be tax free. While the Government has become wise to the unforeseen use of the relief, more restrictive measures announced in last October's budget have yet to come into play. Non-farming families still have time to make use of the relief before the changes are legislated for. While restrictions might be warranted, long-time farmers are now struggling to make sense of the new regime and how it might hinder them from availing of the relief. Tax relief While inheritance tax thresholds apply for most Irish families, allowing assets worth up to €400,000 to be passed on tax free to each child, a different regime applies to the transfer of assets such as businesses and farms. These are attractive, as the goal is to keep the assets intact rather than forcing the recipients to sell off land – for example, to settle a tax bill. Through agricultural relief, the taxable value of such property and land can fall by as much as 90 per cent. [ Kinsale flotilla set to protest 23-hectare mussel farm Opens in new window ] 'It's a very important relief to have in place. Without that in place, tax-free thresholds wouldn't be sufficient [to keep farms intact],' says Kevin Connolly, financial management specialist with Teagasc . McCarthy agrees that 'it's a tax-efficient way of passing on the land', giving an example of a farmholding of 100 acres. With current values of about €20,000 an acre for good land in the area, this farm could be worth about €1 million. If it qualifies for agricultural relief, its taxable value would be as low as €100,000. Qualifying for the relief does require meeting certain tests. First of all, the beneficiary must be an active farmer and have farmed the land for at least six years at the date of the gift or inheritance. However, this requirement can be overcome by leasing out the land to an active farmer. Secondly, after the gift or inheritance is received by the beneficiary, at least 80 per cent of the total property value of their assets must constitute agricultural property. Relief on income tax from leasing a farm is also attractive. For example, for a lease held for between five and seven years, income of up to €18,000 a year will be exempt from income tax. This increases to €40,000 a year for leases of 15 years and more. Tax planning As McCarthy notes, while the relief is 'commendable', given its aim of helping farmers keep farms within families and allowing them to transfer from parent to child in a tax-efficient manner, its use is not always in the spirit of the relief. 'It's an unintended consequence of good intentions,' she says. 'It has been a concern over a good number of years,' agrees Connolly. 'Wealthy non-farmers would potentially see land as a way of passing on wealth to the next generation.' Tax advisory firm Warren and Partners, for example, states on its website that the 'relief can be utilised very efficiently as part of a wider inheritance tax planning exercise'. Figures from Revenue show that 1,781 taxpayers made a claim for Capital Acquisitions Tax (CAT) agricultural relief in 2023 (the latest figures available) at a cost to the exchequer of €246.6 million. This is up substantially – by 55 per cent on a value basis – from 2019 when 1,413 claims were made, at a value of €158.6 million. 'Having non-farmers coming in and buying land for wealth transfers doesn't do any favours for the farming community,' says Connolly. [ Scientists accuse Ireland of 'accounting trick' to justify livestock emissions Opens in new window ] It's one reason why land prices are increasing. 'They [high net worth individuals] are starting to have an impact on prices,' says McCarthy, noting that local and younger farmers are being priced out of the area. 'They [local farmers] will lease the land but will never end up owning it,' she says, adding that rental values have also increased substantially in the last 12 months. According to the 2025 Teagasc/Society of Chartered Surveyors Ireland Agricultural Land Market Review and Outlook Report, average land rental prices are expected to increase by 7 per cent in 2025. In Munster, average rental prices are expected to rise by 8 per cent. The role of investors is one reason cited for rising land values. While there is a risk in buying land for CAT reasons – will it appreciate in value, or can it be leased? – Connolly says demand for agricultural land is high, particularly in areas where dairying is quite strong. 'It's the most profitable enterprise at the moment,' says Connolly. 'If land comes up for long-term lease near a dairy farm, you will have interest in it.' Clampdown In last October's budget, then minister for finance Jack Chambers tightened eligibility for use of the regime to 'safeguard agricultural relief for the genuine active farmer and the next generation of farmers'. Noting that the relief 'is an important measure to allow our young people to pursue their lives on the family farm', the minister said 'agricultural land has increased in value above inflation, and it is difficult for genuine farmers to purchase the land they need for farming'. To address issues of the relief being used 'as part of tax planning strategies by wealthy individuals', Mr Chambers said he would extend the six-year active farmer test to the person who provides the gift or inheritance. This means that it's not just the person inheriting the land who will have to pass the active farmer's test, the person gifting it will have to too. The person gifting the land will now have to show that they either have an agricultural qualification and have farmed the property on a commercial basis; or they have spent 50 per cent of their normal working time farming; or they have leased the land to someone who fulfils these requirements; or they have combined farming with leasing. The change is expected to yield about €15 million on a full-year basis. The regime has been tightened previously: for example, cash gifts, used to purchase farm land within two years, would have qualified for relief at one time, but this no longer applies. Similarly, the lease exemption was tightened in the 2023 budget. You can no longer buy a farm and lease it immediately. You have to wait seven years before you can claim the tax-free income, although there are exemptions. However, the commencement order required for these changes to take effect has yet to be announced. Impact on farmers In the meantime, farmers are left struggling with the uncertainty that now surrounds the relief. 'What was proposed caught people unawares in the farming community,' says Connolly, adding that the budget measures are 'quite a blunt instrument'. 'There are some angles to it that would catch out a genuine farm transfer.' Marty Murphy, head of tax with Irish Fiscal Advisory Council (Ifac) , has counted 15 scenarios that could negatively impact farmers, including where life interests apply and where there is no formal lease. He gives the example of a farmer who also works as a schoolteacher, and thus doesn't meet the 20 hours a week farming requirement, and the tax bill that can arise. [ More than 20 Irish companies on Asian trade mission Opens in new window ] Another issue is where a farmer has to go into a nursing home at short notice and there isn't time to agree a lease. The farmer may not fulfil the requirement for six years' active farming immediately ahead of transfer. Farmers are now hoping the budget measures will be changed before they become law, to ensure their interests are protected. Murphy doesn't expect any change until this October's budget, but adds that rushing to get in ahead of any changes is not always practical. 'Succession is not something you can do over an afternoon coffee,' says Murphy. 'It's a very sensitive topic, and you need to have a very well co-ordinated plan.' Nonetheless, for those who have been planning to get a succession plan in motion, his advice is: 'Don't delay, get transferring as quick as possible.' The fear remains that, when introduced, the new regime will 'inadvertently catch genuine farm transfers in the net', says Connolly. A spokeswoman for the Department of Finance says consultation and engagement with farmers and stakeholders 'to ensure that there are no unintended consequences in relation to these measures' is ongoing. But will the changes still do what was originally planned? High net worth people have very good advisers – and very good advisers usually find ways around these things, says Connolly.
Irish Times
02-06-2025
- Health
- Irish Times
Leaving Cert: last-minute subject-by-subject exam tips
The pressure is on – but it's not too late to make a real impact. These final days are all about smart, focused revision rather than cramming. Whether brushing up on key concepts or calming exam nerves, a few strategic moves now can boost your confidence. Here are some last-minute study tips from the experts to help you stay sharp and steady for exam day: English Tips from Conor Murphy, an English teacher at Skibbereen Community College Paper one: READ MORE Familiarise yourself with the exam paper and be conscious of the fact it was designed to lead you into the essay question. The comprehension question, A, reminds you of the various genres as well as genre techniques. B reminds you of the need for structure and purpose. Remember these elements when you attempt the final essay. Revise techniques rather than specific genres. There are so many different genres that can be assessed in B, and in the essay, trying to study each one will become overwhelming. Think about the techniques as moving from aesthetic to persuasive, stopping off at narrative and informative on the way. So, you are looking at things like using an appropriate hook, the power of the adjective, the use of aesthetic language, the various rhetorical techniques available. Then look at the question and, with the audience and medium in mind, plan with reference to these techniques. [ Classroom to College: essential Leaving Cert newsletter for parents, guardians and students ] Paper two: Ignore poet predictions. The poetry question is worth 50 marks, the main text (usually Shakespeare) is 60 marks and the comparative 70. Keep this in mind when you study. Narrow down the quotes you are learning off. Instead of having hundreds for the main text, look for a quote that will work for numerous elements. Look at a quote like the famous 'give me an egg, and I'll give thee two crowns'. How many elements can this be used for? The Fool, Lear, Goneril, Regan, Kingship, fertility, the concept of nothingness and a few other topics. This is why the quote is so often (over) used. Use this exercise as a way of revising Lear. Similarly for the comparative , narrow down the scenes you are studying to scenes that can be used when talking about at least two of the comparative modes. Obviously these will include the opening and closing of the text. When you have these narrowed down, zoom in on specific elements (dialogue, images, stage directions). These are your specific pieces of evidence needed to illustrate your essays. In general, test yourself on the various aspects of the course. Pick a topic and write down what you know, under headings, on a blank sheet of paper with all your notes out of sight. For instance: pick a poet, write down the name of all their poems, then the themes, then the recurring language techniques, then quotes. This will tell you what you know and what you need to go over. Students from St Michael's College, Listowel, Co Kerry with their Leaving Cert exam results last year. Photograph: Domnick Walsh Maths Tips from Eoghan O'Leary, maths teacher at Hamilton High School, Co Cork and head of maths at The Tuition Centre General guidance At this stage, I recommend focusing your revision on individual topics rather than attempting full papers. Concentrate on the topics you're most likely to choose in the exam. Avoid learning new topics you haven't already covered in class – it's time now to revise and refine, not to start from scratch. Revisit the formulae and tables book , and practice using your calculator, especially for operations that involve multiple steps. Also, write out a list of the formulae not included in the tables book and display them somewhere visible so they stay fresh in your mind. When the exam starts, my advice is to find a section A question you like and do it. It will settle your nerves. It could be counterproductive to read the entire paper at the start of the exam, because there is some much information. – Paper one: Functions, differentiation, and integration are unavoidable. They appear across both Section A and Section B, so they should be a big focus during your final days of preparation. Algebra often appears as a full Section A question and is also embedded in many other questions. Ensure you're confident with all the key elements. Sequences & series hasn't appeared in a majobig in recent years—it – ould be due this time. Also, be prepared for a long question involving logarithms and indices , which is quite common. Complex numbers reliably show up in Section A, but not in Section B. Students often ask if they should revise topics like induction, formal proofs, algebraic inequalities, and financial maths that don't appear every year. The answer depends on your target grade: If you're aiming for a H1 , it's worth covering everything to maximise choice. If your goal is a H6 , your time is better spent mastering the more likely and manageable topics, rather than struggling with abstract material. One commonly overlooked topic is area and volume , which can appear with algebra, differentiation, or integration. Even if it doesn't feature prominently in paper one , it's highly likely to come up in paper two. -Paper two Paper two is typically more predictable than paper one. Section A usually includes one question each on: statistics, probability, the line, the circle, trigonometry, and geometry . Section B often features: Two questions combining statistics and probability Two questions involving trigonometry, geometry, and area & volume Students often struggle to revise for Paper 2 because they find several topics difficult – especially probability and geometry . My advice: focus on the core skills in each topic, as these often appear in combination with others. Should you learn the geometry theorems, constructions, and trigonometric identity proofs ? If you're aiming for a H1, yes. But if you haven't already learned them in school, it could be counterproductive to do so now. Focus instead on the questions you're more likely to attempt in the exam. In the exam: Make sure your calculator is in the correct mode (degrees or radians as appropriate). Double-check your answers for correct units and appropriate rounding (decimal places or significant figures). Remember: A score of 539/600 = 89.83%, which equates to a H2. You need to score 540/600 to earn a H1. You don't want to lose a grade over a rounding error. Fle photograph: Eric Luke / The Irish Times Irish Tips from Séadhan de Poire, Irish teacher with Dublin Academy of Education Top tips for the run-in to exams? 'For higher level Irish, start to simplify material to make sure it actually makes sense. I've corrected the State exams, and I've seen a lot of students try to learn material that's too difficult for them. They then try to reproduce this material in exam settings and because they don't understand what they're writing, there's loads of mistakes in it and it ends up making no sense. 'What I tell a lot of my students is to focus on having simpler Irish that they understand and that they can use instead of trying to learn things off by heart. Especially for Irish paper one, for the essay.' Hot predictions? 'For Irish paper one, it's all based off current affairs so there's no magical list of topics. You kind of have to be following what's in the news in and around November, December and January time. That's typically when the paper's set. 'Based off that, the topics that I'm looking at with my own classes this year would be politics, because of the elections that took place here and abroad, the education system, the Irish language, the housing crisis and a little bit on technology. A tip I'd give students is you can overlap a lot of material between those different topics. 'For example, if you're talking about politics and problems – well, housing is a political issue. You don't have to learn five brand new essays. You learn a couple of paragraphs that suit different titles and then you try to fill in the gaps afterwards.' File photograph: Eric Luke French Tips from Elizabeth Lyne, director of The French Leaving Cert paper is 2.5 hours, encompassing the reading and writing tasks. There is then a short 10 minute break, after which students complete the aural or listening section of the exam. For the reading comprehension , students have to read two texts and answer questions based on those texts. The first text is usually journalistic in style and tends to address current issues. The second text is usually an extract from literature, and is more challenging. My top tip is to start with question six as this is asked in English and may give an indication as to the subject matter. Read each section carefully, underlining key parts of the questions, so that you know exactly what you are being asked. For the written section, my top tip is to keep your French clear and simple . Make sure that your opinion questions have an opening, main point/counter or supporting point/personal point and conclusion. Finally, while it is impossible to predict what will appear on the paper, I suggest focusing on climate, refugees, artificial lintelligence, school uniform, study of foreign languages, science as a 'male' subject, circular economy, screen dependency, disposable vapes, over-tourism and emigration Students at Rathdown checking their Leaving Cert results. Photograph: Jason Clarke Photography. Spanish Advice from Katie Lenehan, French and Spanish teacher with Dublin Academy of Education Top tips for the run-in to the exams? 'The biggest piece of advice I would give is to recognise the importance of your reading comprehensions . They're worth 30 per cent of the final grade. They're worth even more than the oral exam is and potentially it's something that students forget about because they have so many other things on. 'For the listening papers, I'd also try to sit a full listening paper each week ... They're quite practical elements that you can do. For the written paper, I'd recommend making sure you have a solid introduction and conclusion learned off for your opinion piece. And have 15 to 20 pieces of vocab for each topic that you're planning on covering for the exam, so it nearly becomes a game of jigsaw.' Hot predictions? Though she prefers to steer clear of the term predictions, Lenehan encourages her Spanish students to focus on papers from 2008-2014, which may crop up again this June. She lists a range of topics to cover – emigration, social media, AI, money, changes in Ireland and the environment. Common mistakes to avoid? She says she had 'crippling' OCD during sixth year and learned the hard way how important it is to look after yourself. 'Absolutely, study has to be a priority, but it doesn't have to be the only priority. [Students] need things like friendship , fresh air, good food. They need to sleep. Try to surround yourself with people that have a similar work ethic, or that have the same target grade as you, and try to encourage each other.' Students discussing their exams at Trinity Comprehensive School, Ballymun, Dublin. Photograph: Dara Mac Dónaill Biology and chemistry Advice by Caoimhe Ní Mhuirceartaigh, biology and chemistry teacher Top tips for the run-in to the exams? 'The marking scheme for both biology and chemistry papers can be quite word-specific. You need to ensure when you're answering a question that it's not waffle and you're hitting the short, concise points. 'For biology especially, you need to know unit one and unit two really well. You can maximise your marks by focusing on the areas that are very repetitive. Knowing the non-negotiable topics that come up every year and are worth a large portion. In biology, the two most important topics would be genetics and ecology.' Hot predictions? Both subjects, Ní Mhuirceartaigh says, have quite obvious trends. Topics she thinks may appear in the short questions section of the biology paper include food, ecology, genetics and enzymes. For questions on systems, it is worth preparing human reproduction – particularly the menstrual cycle – and the human defence system. For experiments, the food test has a high chance of appearing along with the ecology experiment. On long questions, ecology, genetics, enzymes, microorganisms, photosynthesis and respiration could all be worth some focus. Ní Mhuirceartaigh describes organic chemistry as the most important area to conquer in advance of sitting the chemistry exam. Given you can feature it in three of your eight answers on the paper, it can account for 38 per cent of a student's final grade. Common mistakes to avoid? 'Make sure the study that you do is effective. You're not just reading over notes at this stage – you're assessing yourself. That can mean exam questions. It can mean doing quizzes online, mind maps, flashcards. There are loads of different ways to assess yourself but don't just be sitting reading through notes.'
Irish Examiner
31-05-2025
- Sport
- Irish Examiner
Fintan McCarthy and Konan Pazzaia win bronze for Ireland at European Rowing Championships
Fintan McCarthy and Konan Pazzaia have won bronze for Ireland in the men's double sculls at the European Rowing Championships on Saturday morning. The duo took to the water in Plovdiv, Bulgaria and following an excellent display McCarthy and Pazzaia finished in third, with the Skibbereen rower claiming his first major medal at heavyweight. Pazzaia was stepping in for the absent Paul O'Donovan, who is currently concentrating on his medical studies, and he helped the Irish boat to come home in a time of 6:05.48. In the end Ireland finished just behind the Romanians while the Polish crew of Miroslaw Zietarski and Mateusz Biskup raced clear to the gold medal. Earlier in the day, Mags Cremin and Zoe Hyde finished fourth place in the final of the women's double scull, crossing the finish line in a time of 6:55.73. . Izzy Clements also came in fourth in the women's lightweight single sculls in what was an impressive performance on her senior Irish debut. Finally and there was also a fourth placed finish in the lightweight men's single sculls for Jake McCarthy, the brother of Fintan, who just missed out on a medal after recording a time of 7:01.45.
RTÉ News
31-05-2025
- Sport
- RTÉ News
Fintan McCarthy and Konan Pazzaia take bronze for Ireland in Plovdiv
Fintan McCarthy and Konan Pazzaia have taken bronze for Ireland in the men's double sculls at the European Rowing Championships in Plovdiv. It's a first medal as a heavyweight for Skibbereen rower McCarthy, who was partnered by Queen's University's Pazzaia, claiming his first major medal. With the latter stepping in for the absent Paul O'Donovan, the Irish duo came home in a time of 6:05.48. This was good enough for third spot behind the Romanians, who took silver, while the Polish crew of Miroslaw Zietarski and Mateusz Biskup powered to the gold medal. Earlier, the women's double sculls pairing of Mags Cremin and Zoe Hyde took fourth place in the A final in a time of 6:55.73. The Dutch duo of Roos de Jong and Tessa Dullemans claimed gold. It was a similar fate for Izzy Clements in the women's lightweight single sculls, the Scottish-born rower narrowly missing out on a medal in an impressive showing on her senior Irish debut. It was another agonising fourth placed finish in the lightweight men's single sculls, with Jake McCarthy - brother of Fintan - just missing out on a medal with a time of 7:01.45. Germany's Fabio Kress took gold after holding off a stiff challenge from Turkey's Halil Kaan Koroglu. Ireland's final shot for another medal comes on Sunday, with Olympic bronze medallist in Tokyo, Fiona Murtagh going in the final of the women's single sculls.
Extra.ie
29-05-2025
- Sport
- Extra.ie
Olympic hero McCarthy has Euro hat-trick in his sights
Double Olympic champion Fintan McCarthy will on Friday morning continue his bid to become a three-time European winner, after securing his place in the semi-finals of the double sculls at the championships in Plovdiv, Bulgaria. Alongside team-mate Konan Pazzaia, McCarthy took the first significant step in a heavyweight race, and the pair eased to second place to secure their place in today's race. McCarthy's established partner is absent, as Paul O'Donovan sits out the Europeans to concentrate on his medical studies. The pair became legends of Irish sport in the lightweight division in Tokyo in 2021, and again in Paris last year. However, the lightweight division will no longer be a feature of the Olympics and both McCarthy and O'Donovan have intimated that they intend moving up to heavyweight in time for Los Angeles in 2028. Fintan McCarthy. Pic: Tom Beary/Sportsfile Whether that is as a pair or as singles will become clearer in the years to come, but this was an encouraging start for McCarthy alongside Pazzaia, a Swiss native who moved to Queen's University in Belfast and who was first part of the Irish high performance system in 2020. McCarthy is one of nine Irish Olympians in action in Plovdiv, and one of three medallists from Paris on the water on Thursday. Another, Daire Lynch, is part of the men's pair with another Paris Olympian in Ross Corrigan. They earned safe passage to this morning's semi-final. Daire Lynch. Pic: Tom Beary/Sportsfile They are one example of the experimentation in an Irish team overseen by Dominic Casey, the Skibbereen legend and highly regarded elite coach who is interim high performance director. The third Irish medallist from last year's unforgettable success is Philip Doyle. A year ago, he and Lynch were partners but this time, Doyle is part of a men's four with Ronan Byrne, Adam Murphy and Andrew Sheehan. They came fourth in their heat on Thursday afternoon and are also back in action on Friday. Fintan McCarthy's twin Jake also had a successful opening day, coming second in the men's single sculls and qualifying for tomorrow's final. Mags Cremen and Zoe Hyde, veterans of Tokyo and Paris respectively, are in the final of Saturday's women's pair after getting through Thursday's challenge. Fiona Murtagh, a double Olympian from 2021 and 2024, came first in her women's single sculls heat, and will compete in a semi-final on Friday. The women's four of Alison Bergin, Aisling Hayes, Natalie Long and Claire Feerick compete in the B final of their event tomorrow.
