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Transfer of land from parent to child

  • 21-10-2016 10:04PM
    #1
    lstmd
    Registered Users, Registered Users 2 Posts: 113 ✭✭


    My parents have left me half their farm of 110 acres. I'm 43 and have no farming qualification. I have a third level qualification and work full time off farm. What will it cost to transfer the land into my name? Is there anything I can do to reduce the cost?


Comments

  • #2
    Water John
    Registered Users, Registered Users 2 Posts: 21,812 ✭✭✭✭Water John


    Sol and Acc advice needed. I think you are looking for agricultural exemption.
    They will tell you T & C.


  • #3
    Timbo1987
    Registered Users, Registered Users 2 Posts: 52 ✭✭Timbo1987


    Firstly get professional advice.

    To get ag relief, need to pass 2 tests

    Farmer test 1, farm assets must be 80% of total assets

    Farmer test 2, with no ag qualifications need to show you will be able to farm the land personally for 20 hours per week for 6 years OR Lease it to a farmer for 6 years.

    So if you can't farm it, lease it for 6 years


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