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agricultural relief leasing conditions

  • 11-04-2016 9:22am
    #1
    teach nua
    Registered Users, Registered Users 2 Posts: 108 ✭✭


    one of the new conditions of getting agricultural relief on capital acquisition tax is that the person getting the farm must be a 'qualified' farmer OR if they are not they must lease it to a qualified farmer for a period of not less than 6 years from the valuation date (the date of transfer for a gift) and that the lease must be for a minimum of 5 years.

    Revenue states that the lease has to be FROM the valuation date but what happens if at the transfer and valuation date the farm is already being rented by someone else as part of a 1 year conacre rental (to a qualified farmer as it happens)

    Does anyone know if revenue are flexible on this if a farm is being transferred in the middle of a 1 year rental? Could the 6 year period start from when the 1 year rental ends or is it a case that the transfer should not be done until the 1 year rental period expires?


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