Responding to the consultation on extending the farmer’s averaging rule, the Northern Ireland Tax Committee took the opportunity to call for a more wide ranging review of UK agri-taxation measures.

The importance of the farming sector in Northern Ireland is highlighted and the proposal to extend averaging from 2 to 5 years is welcomed.

Key points of the submission also include:

• According to the consultation document, farmers availing of averaging under the current 2 year rule will be immediately able to take advantage of improved averaging. This is welcomed by the committee
• The farming sector is vital to the Northern Ireland economy. Recent statistics show that the agricultural income of Northern Ireland farms decreased considerably in 2014
• In 2014, cash available to farm families from farming activity was estimated to have fallen by 17 per cent. Farming businesses in Northern Ireland are experiencing further pressures in 2015

You can read the submission here.