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Free tax advice required!! Sale of right of way

  • 11-09-2012 11:21AM
    #1
    patjack
    Registered Users, Registered Users 2 Posts: 313 ✭✭


    Hi all,

    My uncle has been offered 10k for a right of way by a forestry mgt company.
    He is a pensioner, drawing the pension, and still actively farming.

    What are the tax implications if he were accept this 10k payment?? In terms of capital gains and income tax?

    Any advice appreciated.


Comments

  • #2
    LivInt20
    Registered Users, Registered Users 2 Posts: 491 ✭✭LivInt20


    patjack wrote: »
    Hi all,

    My uncle has been offered 10k for a right of way by a forestry mgt company.
    He is a pensioner, drawing the pension, and still actively farming.

    What are the tax implications if he were accept this 10k payment?? In terms of capital gains and income tax?

    Any advice appreciated.

    Seek professional advice!!


  • #3
    49801
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭49801


    LivInt20 wrote: »
    Seek professional advice!!

    +1



    know of someone who want to buy a ROW and the owner obliged them no problem but the arrangement is it is rented/leased. tax implication of some sort I'am guessing.


  • #4
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    firstly speak to a solicitor reference the Right of way.

    then if he advises a sale go talk to your accountant.

    YOu be better off renting the right of way to the company. it would be farm income.

    CGT is 30%, some indexing of the land may be available on the calculation and also a yearly credit of cgt of €1,270


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