Inherited land

Max100

Hi there - have just discovered this website and am hoping maybe someone could give me a heads up after unsuccessfully trawling the net

Does anyone know once land has been inherited in Ireland (Fingal area), does it need to be held for a minimum number of years before it can be sold to a sibling to build a house on it? If so, do you know for how long or where I could find more info?

Thanks for reading!!!

axel rose

All I know is that I plan to sign over a site to my brother in law as soon as the probate is through. Once it's yours then you can do what you want with it.

Bogger77

axel rose wrote: »

All I know is that I plan to sign over a site to my brother in law as soon as the probate is through. Once it's yours then you can do what you want with it.

Depends on whether or not the "agricultural" relief was claimed on the land.
There's a 7 year claw back on that, remembering that you pay only 10% of the tax if agri/farmer relief is claimed, so it could be a very expensive site to sign over!!

I'd talk to a solicitor before agree'ing to sign over a site. I'm in the same boat, in that I'm awaiting probate, but I've been told to wait 7years before doing anything like giving a site away even to a sibling.
When you do sign the site, tell your brother to ensure it's signed over and registered as agri land, before he starts the whole planning process, we got stung for stamp duty on a site, as the building work had started before registration had completed.

Bogger77

Max100 wrote: »

Hi there - have just discovered this website and am hoping maybe someone could give me a heads up after unsuccessfully trawling the net

Does anyone know once land has been inherited in Ireland (Fingal area), does it need to be held for a minimum number of years before it can be sold to a sibling to build a house on it? If so, do you know for how long or where I could find more info?

Thanks for reading!!!

if you are claiming any tax reliefs such as cat5 (http://www.revenue.ie/en/tax/cat/leaflets/cat5.html) then there is a 7 year claw back rule.

See a solicitor that's well versed on the legal area!

Max100

Ah thanks for the replies!

My sister inherited the site (is considered Class C category for CAT purposes) and it's in probate at the mo - it's only a couple of acres and she says that agricultural land isn't worth that much an acre (only €7k/acre - don;t know how true that is - land is in Meath). Assuming that then I'd imagine the Class C CAT threshold would cover the value of the inheritance even without claiming agricultural relief.

She's been talking to solicitor who told her that she can't sell for 5 years (makes me think that agricultural relief is being claimed) - may need to talk to solicitor with her...the 5 years doesn't make sense from a CAT point of view.

The_Conductor

7k for agricultural land is the right general ballpark for good agricultural land these days. Keep in mind all the production based subsidies have ceased- and even schemes like REPS have been closed off. Its startling how difficult it is to farm a smallholding in a profitable manner in the absence of subsidies......
In peak times- when farmers were offloading land left right and centre for sites- 20-25k an acre even in remote areas, was pretty common- but those days are now long gone.

If its in Wicklow, Kildare, Meath- do not assume you will be given planning permission for once-off housing- irrespective of your ties to the particular area (and don't even bother applying, if you don't have ties). Councils are actively enforcing zonings in ways they have done before. Its a massive bugbear, particularly with young farmers who are unable to build near lands they may be farming.