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Tax implications of farm partnerships

  • 17-02-2016 6:47pm
    #1
    PaidV
    Registered Users, Registered Users 2 Posts: 71 ✭✭


    Hi all- I'm in the process of entering a farm partnership with my father. Suckler farm...bout 100 acres.
    I'm working full time and my father is at home farming.
    The benefits of the partnership from what I can tell are as follows:

    1. Young farmers scheme which gives a €60 a hectare top up up to a total of 50 hectares. As I'm on over the €40k thresholds t work I dont think I'll qualify for any national reserve payments.
    2. Reduced stamp duty on the land transfer if done before I'm 35
    3. Possibility of a €5k a year tax credit for each year of a 5 year period. Think this has yet to be approved.

    Now I know I need to be in receipt of at least 20% of annual farm profits as part of the partnership but can anyone tell me what tax implications this will have for me? If I leave any profits I am entitled to in the partnership will that allow me get away without paying tax on my share of the farm profit?

    I'd appreciate any advice from people who might be in similar situations


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