WITH no real surprises in Budget 2018, up to €300m in low-cost loan schemes will be made available for businesses which could benefit some sectors of the equestrian community.

Amid increasing fears of a looming hard Brexit, two low-cost loan schemes will be rolled out in 2018 and have now been extended beyond the farming community.

The first is primarily aimed at helping smaller businesses deal with the impact of Brexit and Minister for Agriculture, Food and the Marine, Michael Creed said that “at least 40%” would be set aside for agribusiness.

Coupled with growing political uncertainty in Britain and the UK’s increasing threat of a “No Deal’’ over Brexit worrying EU leaders, there is huge concern over a very hard Brexit scenario.

The second loan will be set up by DAFM specifically for farmers, fishermen and those in the food business sector. Several well-known equestrian enterprises are strongly involved in niche food and drink production.

The Department plans to use €25m as seed capital to secure the loan which could be worth between €200 and €300m.

STAMP DUTY

Without doubt, the biggest budget shock for landowners was the overnight tripling of stamp duty on land sales and transfers from 2% to 6% which saw both Agriculture Minister Creed and Minister for Finance Paschal Donohoe under immediate pressure to row back on the unpopular decision.

The lower rate of 2% of land sales within the same family generally still applies. However, furor erupted when it emerged that if the land buyer is over 35 and the seller is over 67 the higher rate of 6% kicks in for affected families. The vast majority of buyers of land sold on the open market will face a stamp duty bill of 6% now. Last year, some 34,000 acres of land was sold on the open market in Ireland.

As we went to press yesterday, officials in both the departments of Agriculture and Finance were understood to be considering changes to the Budget which would allow inter-family land sales to avoid the higher tax if the seller is 67 years old or younger.

Intensive lobbying on the issue is ongoing by the Irish Farmers Association along with some rural TDs ahead of the Finance Bill being published next Thursday.

In other budget measures, a total of €233.8m was earmarked for agri-environment schemes with GLAS accounting for the majority of the funding at €206m.

Funding of €23m was allocated to the Knowledge Transfer programmes next year and some of this will filter through to the new KT Equine programmes while €87m was allocated to food safety, animal health and welfare.

An additional €25m was allocated to the Areas of National Constraints (ANC) scheme, bringing total ANC funding to €230m for next year which will give increased payments of €250 for the 100,000 people involved in this scheme.