land transfer

patjack

i am under 35, have the "green cert" and currently farming by means of a lease. if the aul lad were to transfer to the land what taxes and rates would i be hit for?

bob charles

posing such a question at 3 in the morning:D:D, if your after a few bottles your being delusional and he will hold onto it until his 6 ft under

KCTK

patjack wrote: »

i am under 35, have the "green cert" and currently farming by means of a lease. if the aul lad were to transfer to the land what taxes and rates would i be hit for?

All depends on the value of the farm you are getting really, would probably expect that unless its southfork and the fact you are under 35, with green cert you will have no tax or stamp duty to pay.

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

http://www.revenue.ie/en/tax/stamp-duty/certificates/young-trained-farmers.html

johngalway

bob charles wrote: »

your being delusional and he will hold onto it until his 6 ft under

That sounds familiar

jfh

"your being delusional and he will hold onto it until his 6 ft under"
would he have to pay much tax if he did transfer it this way, heard that this was tax free

KCTK

jfh wrote: »

"your being delusional and he will hold onto it until his 6 ft under"
would he have to pay much tax if he did transfer it this way, heard that this was tax free

Do you mean tax free if after death? Capital Acquisitions tax is the same whether before or after death (as mentioned above should not apply unless really big farm). No stamp duty if after death but none of this either if before death and person getting farm has green cert and under 35.

Muckit

It gave a little mention on the front page of the Indo today about there being tax incentives brought in in the budget for land transfer. That's all it said though. I'd be interested to see the details of this myself.

On a separate note, I hope this €5000 per annum tax relief for first time buyers gets the property market moving again.

jfh

KCTK wrote: »

Do you mean tax free if after death? Capital Acquisitions tax is the same whether before or after death (as mentioned above should not apply unless really big farm). No stamp duty if after death but none of this either if before death and person getting farm has green cert and under 35.

really that is interesting, just passed 35 two months ago and accountant advised the bossman to transfer after death. thanks for the reply kctk

Charlie Charolais

Hi all,
I'm 30 & have the green cert;
Based on a 40 acre farm + stock + machinery, say total @ €300K, is there an optimum time, from a financial point of view, to take over the father’s farm?
1. Under 35
2. Over 35
3. Transfer via a Will (defo not preferred!)

CC

lakill Farm

Ask your bossman to get the pen out.

Charlie Charolais wrote: »

Hi all,
I'm 30 & have the green cert;
Based on a 40 acre farm + stock + machinery, say total @ €300K, is there an optimum time, from a financial point of view, to take over the father’s farm?
1. Under 35
2. Over 35
3. Transfer via a Will (defo not preferred!)

CC

dar31

anyone know what is the % rate for legal fees on the transfer of land

thanks

KCTK

Solicitor I used it was a actually a flat rate fee she charged, was reasonable enough, very efficient and after transfer I also required a number of things for a mortgage and she complete all those without further charge. Best bet is to ask around to anyone else you might know who have done a transfer recently and get recommendation on best (not always cheapest that way)

dar31 wrote: »

anyone know what is the % rate for legal fees on the transfer of land

thanks

dar31

KCTK wrote: »

Solicitor I used it was a actually a flat rate fee she charged, was reasonable enough, very efficient and after transfer I also required a number of things for a mortgage and she complete all those without further charge. Best bet is to ask around to anyone else you might know who have done a transfer recently and get recommendation on best (not always cheapest that way)

thanks
transfer is already done with family solicitor, and they are looking 4k for transfer of 80 ac or about 0.5%
how would this sound to any one.

ml100

less than I paid

KCTK

Paid just over €4k for a larger farm, solicitor never asked size of farm at initial meeting when fees etc agreed. Not a solicitor so may I ask why size of farm should matter to charge? Is it not really same paperwork etc no matter what size? We have 5 seperate folio numbers also, so i'm sure this caused more work however..

dar31 wrote: »

thanks
transfer is already done with family solicitor, and they are looking 4k for transfer of 80 ac or about 0.5%
how would this sound to any one.

farmer2018

Anyone know the current solicitor fees for transferring land?

endainoz

There's no set fees. Bigger farms will cost more. Depends on if the transferee has to pay the transferers legal fees too. People often forget for a transfer you need two different solicitors representing two different parties. At a very rough guess expect to pay at least 3k.