Director General, Yve O’Driscoll: “Today’s approval is very welcome. It is only right that the benefits of the fair deal scheme be extended to those who have spent their lives providing jobs and contributing to Ireland’s local economies.
11th June 2019 – Family Business Network Ireland has welcomed today’s change to the Fair Deal Scheme, extending the three-year cap on the 7.5% annual asset contribution to include small family business owners.
Speaking after the Cabinet approved the changes, Director General of the Family Business Network Ireland, Yve O’Driscoll said: “Today’s approval is very welcome. It is only right that the benefits of the fair deal scheme be extended to those who have spent their lives providing jobs and contributing to Ireland’s local economies.
“Around 75% of Irish owned firms are Family Businesses and these businesses employ around half of the Irish workforce. It was unjust that these entrepreneurs were being penalised in old age for taking on the responsibility of being a job creator and business developer in their youth.
“The extension of the 3 year cap to small family business will remove significant financial stress from families who often struggle to balance the cost of continuing on a family business with the cost of looking after elderly relatives who provided them with their livelihood.
“Family businesses sustain local economies. However, many survive on tight margins with small profits. It is these businesses that will benefit from today’s change.”
