Avoiding paying Inheritance/Gift Tax

red_diesel

How can a father pass a farm to his son without the son having to pay gift /inheritance tax? I’ve looked on revenue and Teagasc websites but the information is vague.

Rovi

The people involved will need to get expert professional advice on the most tax efficient way of transferring ownership; I'd suggest starting with their solicitors and accountants.

I'd also strongly suggest that both parties each engage their own solicitor.

whelan1

there is a sticky on the index of this farming and forestry board about this, some useful info there hth

niallf

The key to avoiding inheritance tax ( Capital Acquisitions ) is Agricultural relief.

This link has the details

http://www.revenue.ie/en/tax/cat/leaflets/cat5.html

rightyabe

I know my brother got Agri Relief, saved €40,000 I think. We used a solicitor and he sorted it for us. If I remember right they took into account all of your assests and put it against the value of the farm and if it was to high a percentage you would have to pay the tax.

Thats just a very basic explaniation, i'm sure you'll get better info than that, but i'll never forget me brother leaping bout the house when he got the letter saying he got agri relief!!!

Worztron

Is the inheritance tax now gone up to 30%?

If say a living grandparent gave a few thousands of Euro to their grandson, does that need to be declared? Is it classed as inheritance if the giver is still alive. Sorry if that is a silly query.

If a person x leaves relative y in their will a sum of €1000 - is that taxed? Is there a min amount that is exempt?

amacca

Worztron wrote: »

Is the inheritance tax now gone up to 30%?

If say a living grandparent gave a few thousands of Euro to their grandson, does that need to be declared? Is it classed as inheritance if the giver is still alive. Sorry if that is a silly query.

If a person x leaves relative y in their will a sum of €1000 - is that taxed? Is there a min amount that is exempt?

to the best of my knowledge it used to be that a gift of up to €3,000 per year was tax exempt

but that may all have changed in the budget

you want to look up capital aquisitions tac CAT on the revenue site as a start+agri relief +inheritance + get advice from a solicitor etc

8k2q1gfcz9s5d4

red_diesel wrote: »

How can a father pass a farm to his son without the son having to pay gift /inheritance tax? I’ve looked on revenue and Teagasc websites but the information is vague.

learned about this when i did the leaving in 2004, country has changed a lot since then though!

Father/Mother -> son/doughter = no tax from what i remember. Uncle to nephew paid some tax, and if there was no blood relation there was a higher rate of tax. this info could be out dated!