Farm/ small holding inheritance questions

5p9arw38djv2b4

Hi, really struggling to get enough information about how to begin the process for farm inheritance. The family solicitor seems to have different understanding to a tax advisor we spoke to, and I'd like to get some specialist advice - can anyone point me in the direction of a good independent advisor and a good place to get information? Please and thank you!

Farmer Pudsey

LadyLabyrinth wrote: »

Hi, really struggling to get enough information about how to begin the process for farm inheritance. The family solicitor seems to have different understanding to a tax advisor we spoke to, and I'd like to get some specialist advice - can anyone point me in the direction of a good independent advisor and a good place to get information? Please and thank you!

Try IFAC or FDC or any good farm accountant. Some agri consultants are good as well. Irish farmers hand book which is out at present would be worth a read as well it costs 17 yoyo's

trg

+ 1 re IFAC or FDC but I wouldn't go to an Agri Consultant on this. Its too specialist and there is potentially a lot of money at risk. You may might someone that knows something about it but a little knowledge is a dangerous thing! You wouldn't ask IFAC or FDC to amend your SFP!

5p9arw38djv2b4

Local FDC so I will try them. Thanks very much, had tried googling various options but this gives me a good start. Thanks

Base price

Revenue.ie have lots of info on their site re agricultural relief.
My brother and I both benefited from the "favoured nephew/niece" clause when our Uncle died in 2006. My solicitor advised me of this clause at the time. My Uncle's solicitor was not aware of it.
http://www.revenue.ie/en/tax/cat/guide/reliefs.html
http://www.revenue.ie/en/tax/cat/leaflets/cat5.html
http://www.revenue.ie/en/personal/circumstances/bereavement/inheritance-tax.html

lakill Farm

LadyLabyrinth wrote: »

Hi, really struggling to get enough information about how to begin the process for farm inheritance. The family solicitor seems to have different understanding to a tax advisor we spoke to, and I'd like to get some specialist advice - can anyone point me in the direction of a good independent advisor and a good place to get information? Please and thank you!

if you want drop me a PM and I will have a quick look at it for you and send a reply back in PM

main things

Agricultural relief, do you qualify and if you do will you farm for 5 years
CAT liability - depends on above and also other factors
Stamp duty - Nil on inheritance so green cert no real benefit
legal fees - 2 solicitors
any entitlements

kowtow

lakill Farm wrote: »

if you want drop me a PM and I will have a quick look at it for you and send a reply back in PM

legal fees - 2 solicitors

? On inheritance

Or did I miss something...

lakill Farm

kowtow wrote: »

? On inheritance

Or did I miss something...

I would have to double check but on farm transfer before death its a requirement

kowtow

lakill Farm wrote: »

I would have to double check but on farm transfer before death its a requirement

Yes, a recent Law Society one I think.

In order to prevent conflict of interest when a solicitor is acting for parent & child typically - sometimes quite a difficult position particularly with the elderly. It also has the handy side effect of generating two fees for Solicitors.

With inheritance after death though this should not be the case, the transfer is the transfer regardless - there is no contract, and the party that signed the deed is beyond reach, even by the Master of the Rolls himself.