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Deed of transfer jargon - Certificate 8C

  • 25-03-2012 3:31pm
    #1
    WexTK
    Closed Accounts Posts: 153 ✭✭


    Hi,
    was reading looking at Certificate 8C on a Deed of Transfer for some farmland and was wondering if anyone could decipher it in layman's terms.

    "It is hereby certified that the consideration (other than rent) for the sale/lease is wholly attributable to property which is not residential property and that the transaction effected by this instrument does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to property which is not residential property exceeds €80,000."

    Fathers can intend on gifting a young trained farmer son/daughter a portion of the farmland at one point in time and the reminder some time in the future... does this Cert 8C prohibit it? Thanks.


Comments

  • #2
    McCrack
    Registered Users, Registered Users 2 Posts: 2,991 ✭✭✭McCrack


    It's a revenue certificate, it's basically saying that the transaction isn't residential (different stamp duty levels applies to houses) and that its one whole transaction and not a series to avoid/evade stamp duty.

    Re your last question I'm not sure. Agriculture relief or business relief if appropriate might apply anyway which will reduce the taxable value of the farm or business by up to 90% if criteria are met.


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


    McCrack wrote: »
    It's a revenue certificate, it's basically saying that the transaction isn't residential (different stamp duty levels applies to houses) and that its one whole transaction and not a series to avoid/evade stamp duty.

    Re your last question I'm not sure. Agriculture relief or business relief if appropriate might apply anyway which will reduce the taxable value of the farm or business by up to 90% if criteria are met.


    Thanks Mc Crack,

    it's an interesting one... supposing you were a young farmer that qualified for 100% Stamp Duty relief then how could it be said you were trying to avoid stamp duty through two father-son land transfers a couple of years apart...?


  • #4
    McCrack
    Registered Users, Registered Users 2 Posts: 2,991 ✭✭✭McCrack


    I had a quick look in a tax manual I have and I can't see any reference to splitting a transaction and what stamp duty implications that might have in your situation. I would say it's best to call the Revenue stamping office and ask them and maybe post back here as to what they say unless any other poster can shed some light.


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


    McCrack wrote: »
    I had a quick look in a tax manual I have and I can't see any reference to splitting a transaction and what stamp duty implications that might have in your situation. I would say it's best to call the Revenue stamping office and ask them and maybe post back here as to what they say unless any other poster can shed some light.

    Well I did speak to the stamping office alright and from a stamping point of view and having 100% stamp duty relief for young farmers they said splitting a farm transfer was fine from their point of view..


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