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Best Handing Over Option

  • 05-01-2016 11:34am
    #1
    mickey1985
    Registered Users, Registered Users 2 Posts: 267 ✭✭


    Lads just looking for abit of advice. I've been part time farming and working full time for the last 7 years but 27acres of land has come up to rent bouncing us and also my father is 71 so time for him to hang up his boots.We are currently milking 43 cows on 95 acres (65 home farm 30 outfarm) with an 8 unit parlour so with the extra land there is room for expansion.Just wondering what would be the most efficent way of managing the handover if I was to come home.He was talking of just paying me a wage but is there a more efficent way. Also not sure whos name to put the rented land in. Any advice much appreciated..


Comments

  • #2
    Buford T. Justice XIX
    Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    You might look at leasing the land in your own name and entering a partnership with your father and it would benefit the other farmer as they would have a higher tax-free allowance with longer term leasing, if that would interest them.

    Iirc, there is an option there (or coming) for a staged transfer of the home farm into the successors name but I'm not sure what conditions are attached to either of those options as I'm past that stage for a good few years to come.

    The partnership would also give you better access to any TAMS grants you might want/need to further develop the farm.

    You will also have to have the Green cert or the equivalent for access but I assume you already have those?


  • #3
    mickey1985
    Registered Users, Registered Users 2 Posts: 267 ✭✭mickey1985


    I have the green cert.Just wondering is there much advantage of being in the partnership over say collecting a wage off the father for say 33,800.Is the cost of setting up the partnership expensive?


  • #4
    milkprofit
    Registered Users, Registered Users 2 Posts: 1,168 ✭✭✭milkprofit


    mickey1985 wrote: »
    I have the green cert.Just wondering is there much advantage of being in the partnership over say collecting a wage off the father for say 33,800.Is the cost of setting up the partnership expensive?

    Get him to sign over u pay a yearly figurr


  • #5
    Miname
    Closed Accounts Posts: 1,984 ✭✭✭Miname


    if your taking 33800 from 43 cows and id say you must be fininishing your own stock with some of the ground so yuve probably a half middling single farm payment, now even with al that and the price of milk id say your leaving damn all out of it for your father to pull out of. now hes most likely getting the pension and they will all tell you they dont want much out of it for themselves but .... it never works that easily, do you take the knock on wages in the bad years or does he? you probably will want to build a few sheds and modernise a bit, he's most likely is happy as things are. your better off go it alone or else do up a clearly defined partnership contract. Theres nothing like family, money and moving cows to start a good fight.


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