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Tax Farm Land Tax Rented Farm Land

  • 29-02-2016 1:26pm
    #1
    DollyB
    Registered Users, Registered Users 2 Posts: 107 ✭✭


    Hi, I have a question about unused farm land?
    A Lady I know is thinking about giving up farming as she is pension age and not able to manage on her own.
    Her question is if she sells all her stock what becomes of the land?
    Does she have to pay tax on unused farm land? If so how is it calculated?
    If she rents portions of it again does she have to pay tax and how is that calculated?
    Any help would be great.
    Thanks :)


Comments

  • #2
    Sam Kade
    Registered Users, Registered Users 2 Posts: 12,313 ✭✭✭✭Sam Kade


    Renting out land is tax free up to 15k I'm sure.


  • #3
    blue5000
    Moderators, Society & Culture Moderators Posts: 12,756 Mod ✭✭✭✭blue5000


    I think you need to talk to an accountant. AFAIK if she is retiring she can lease out land for 10 years tax free up to a certain threshold. It's 15 years for younger ppl (u 40 I think) leasing out the land. If you are taking the land, all the rent paid is tax deductible.

    If the seat's wet, sit on yer hat, a cool head is better than a wet ar5e.



  • #4
    DollyB
    Registered Users, Registered Users 2 Posts: 107 ✭✭DollyB


    Thanks very much. Yeah she has aggreed to go to an accountant, as we can only seem to get drips and drabs of info online. But good to know she would have some time to rent in out without tax :)


  • #5
    longgonesilver
    Registered Users, Registered Users 2 Posts: 734 ✭✭✭longgonesilver


    Yes she needs to talk to an accountant. There can be pitfalls when ceasing trading, depending on what allowances have been claimed for last few years.

    No closing stock value can lead to big profit in last year of trading.


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