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Farm transfer with forestry

SILVAMAN · 2017-01-14 20:20:43

Any one have experience of what tax issues are involved where a farmer wishes to transfer ownership of the land to a child, but where the trees have been planted in the son or daughter's name by way of a Joint Management Consent, and where the child claims the forestry premium. Oddly, the JMC is revocable at any time by…

14-01-2017 8:20pm

#1

SILVAMAN

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Any one have experience of what tax issues are involved where a farmer wishes to transfer ownership of the land to a child, but where the trees have been planted in the son or daughter's name by way of a Joint Management Consent, and where the child claims the forestry premium. Oddly, the JMC is revocable at any time by the owner of the land who has consented to it, and the premium reverts to them. This suggests that the trees do not actually belong to the child. Any idea how Revenue deals with this? Thanks

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