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does a young farmer have to pay tax?

  • 11-02-2015 2:55pm
    #1
    farm14
    Registered Users, Registered Users 2 Posts: 164 ✭✭


    Under the national reserve & young farmer scheme does a young farmer have to pay tax on this?


Comments

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


    farm14 wrote: »
    Under the national reserve & young farmer scheme does a young farmer have to pay tax on this?

    Yes


  • #3
    TITANIUM.
    Registered Users, Registered Users 2 Posts: 2,313 ✭✭✭TITANIUM.


    farm14 wrote: »
    Under the national reserve & young farmer scheme does a young farmer have to pay tax on this?

    Of course sure why wouldn't he.


  • #4
    farm14
    Registered Users, Registered Users 2 Posts: 164 ✭✭farm14


    TITANIUM. wrote: »
    Of course sure why wouldn't he.

    Just wondering thought I heard something about tax incentives.


  • #5
    larrymiller
    Registered Users, Registered Users 2 Posts: 1,456 ✭✭✭larrymiller


    Would it not just go through the farm accounts?


  • #6
    ole ole
    Registered Users, Registered Users 2 Posts: 17 ✭ole ole


    lads looking for some advice here, maybe not the correct thread for it so feel free to move it,a cousin of mine is trying to give his brother a site as a "gift", no money will exchange hands but it seems he will now get roasted for tax? for giving his brother a free site?? is there any way out of this?as far as i know he has taken over the farm within the last few years so id getting caught with some 6 year rule about the land?sorry for all the questions he rang me for some advice but i wasnt much help so far.


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  • #7
    just do it
    Registered Users, Registered Users 2 Posts: 5,422 ✭✭✭just do it


    ole ole wrote: »
    lads looking for some advice here, maybe not the correct thread for it so feel free to move it,a cousin of mine is trying to give his brother a site as a "gift", no money will exchange hands but it seems he will now get roasted for tax? for giving his brother a free site?? is there any way out of this?as far as i know he has taken over the farm within the last few years so id getting caught with some 6 year rule about the land?sorry for all the questions he rang me for some advice but i wasnt much help so far.
    You can gift a certain amount tax free so it depends on the threshold. Look up the revenue website about gift tax and also capital gains. It's all on there.


  • #8
    The Real Elmer Fudd
    Registered Users, Registered Users 2 Posts: 208 ✭✭The Real Elmer Fudd


    ole ole wrote: »
    lads looking for some advice here, maybe not the correct thread for it so feel free to move it,a cousin of mine is trying to give his brother a site as a "gift", no money will exchange hands but it seems he will now get roasted for tax? for giving his brother a free site?? is there any way out of this?as far as i know he has taken over the farm within the last few years so id getting caught with some 6 year rule about the land?sorry for all the questions he rang me for some advice but i wasnt much help so far.

    The 6 year rule would be in relation to the claw back on the agricultural relief he claimed on receiving the land as he is disposing of it within 6 years of getting it. He needs to talk to an accountant


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