Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Transferring farm in stages

  • 25-03-2012 1:06pm
    #1
    WexTK
    Closed Accounts Posts: 153 ✭✭


    Hi guys and gals,

    as a young trained farmer and with herdnumber sorted etc, would it be ok to be gifted a portion of the father's farmland now (say 10%) and the remaining land gifted in a couple of years time before my 35th birthday?
    Is it allowed..?

    Thanks


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    I think there are certain exemptions for working farms, but the limits of what you can inherit / be gifted (tax free) have reduced a lot over the last few years. Now might be a useful time to use as much of that allowance that you can.

    http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html


  • #3
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    What I'm really trying to suss out is whether a farm must be transferred in one go or whether it could be done in two separate transfers a couple of years apart?


  • #4
    TheWeasel
    Closed Accounts Posts: 12 ✭TheWeasel


    You Would want to Contact your Solictor about that,Id Imagine there would be extra cost involved,maps fees, etc..


  • #5
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    TheWeasel wrote: »
    You Would want to Contact your Solictor about that,Id Imagine there would be extra cost involved,maps fees, etc..

    Oh yeah you'd expect the extra cost alright, apart from that I was just wondering if it was possible to receive some acres now and the remainder in a couple of years time...


  • #6
    DMAXMAN
    Registered Users, Registered Users 2 Posts: 328 ✭✭DMAXMAN


    THERE IS NOTHING TO SAY ALLA THE FARM HAS TO BE TRANSFERRED IN 1 GO. I TOOK OVER THE HOME FARM AT FIRST AND LEASED THE OUT FARM FROM MY PARENTS FOR ABOUT 7 YEARS.THEY THEN DECIDED TO TRANSFER THE REST TO ME BEFORE I TURNED 35 SO I COULD AVAIL OF THE STAMP DUTY EXEMPTIONS


  • Advertisement
Advertisement