Farming families are being urged to ensure they designate a farm successor within the next six weeks to avail of the three-year cap on farm or business assets due to changes under the Nursing Home Support Scheme (Fair Deal).

Recent changes to the law underpinning Fair Deal introduced a three-year cap on nursing-home charges against a farm or a business asset. These new changes will come into effect on October 22.

Independent TD, Denis Naughten, whose amendment brought about this change, has urged families to act now as delays could cost 0.14% of the farm value weekly, he said.

"Families need to act now and ensure that they are ready to avail of this cap when it comes into force next month,” said the TD.

The next steps to take are as follows:

“In most instances this should be straightforward but it’s important to plan for it now rather than waiting until the new law comes into force, in case there are issues that need to be clarified, which could delay being able to access this relief,” said Deputy Naughten.

“In such cases there may be a need to secure an additional consent from a lender, which may result in additional nursing home charges being applied against the farm or business until all the paperwork is lodged.

A number of steps need to be taken to avail of this relief and potential pitfalls and delays may arise, as well as a demand for professional advice.

“As a result, this means that every week a family delays in being able to avail of the new relief a further charge of 0.14% will be placed against the capital value of the family farm or business asset,” Deputy Naughten said.