Transfer of farm.

john mayo 10

Father is planning on signing the place over to me. What are the tax implenmentations for me? 40 years of age no green cert and in full time employment. Its not a big farm approx 20 acres but its ours.

Muckit

There shouldn't be a lot of tax on a farm that size. My advice is to not let the costs put you off. There are a few, but v manageable.

Get the place valued by local auctioneer €300-400. Then ye will both need separate solicitors. Will probably be the biggest cost.

Teagasc run very good days on farm transference. Usually have a selection of local solicitors, accountants etc there to offer free advice. It's a good starting point.

You will also have to transfer the herd number separately. You can do this yourself. Get forms through your local DVO (district veterinary office). Usually not dealt with by solicitors.

john mayo 10

Muckit wrote: »

There shouldn't be a lot of tax on a farm that size. My advice is to not let the costs put you off. There are a few, but v manageable.

Get the place valued by local auctioneer €300-400. Then ye will both need separate solicitors. Will probably be the biggest cost.

Teagasc run very good days on farm transference. Usually have a selection of local solicitors, accountants etc there to offer free advice. It's a good starting point.

You will also have to transfer the herd number separately. You can do this yourself. Get forms through your local DVO (district veterinary office). Usually not dealt with by solicitors.

Cheers
Must enquire further.

Farrell

john mayo 10 wrote: »

Cheers
Must enquire further.

You'll need 2 Solicitors, yours & theirs.
Just be careful, solicitors can put a cause that the land is yours but still your fathers for his day, meaning you'll have to pay them again when he passes on to be fully yours.

john mayo 10

Farrell wrote: »

You'll need 2 Solicitors, yours & theirs.
Just be careful, solicitors can put a cause that the land is yours but still your fathers for his day, meaning you'll have to pay them again when he passes on to be fully yours.

Cheers
Do i pay gift tax or stamp duty?

Farrell

john mayo 10 wrote: »

Cheers
Do i pay gift tax or stamp duty?

Your solicitor will advise which is best.
Think gift is €250/€300k with above that @ 20%, while stamp duty depends on your personal wealth, think 80/90% must be agriculture.
If you contact your parents solicitor, they'll tell you what to do

john mayo 10

Farrell wrote: »

Your solicitor will advise which is best.
Think gift is €250/€300k with above that @ 20%, while stamp duty depends on your personal wealth, think 80/90% must be agriculture.
If you contact your parents solicitor, they'll tell you what to do

Thanks.
Will check it out

kollegeknight

Farrell wrote: »

Your solicitor will advise which is best.
Think gift is €250/€300k with above that @ 20%, while stamp duty depends on your personal wealth, think 80/90% must be agriculture.
If you contact your parents solicitor, they'll tell you what to do

I am in a similar situation as the op except I'm 33. Land is poor and valued @ €230000.
Solicitor mentioned the 80% agricultural land. Won't our family home bring that value to 50%?

Farrell

kollegeknight wrote: »

I am in a similar situation as the op except I'm 33. Land is poor and valued @ €230000.
Solicitor mentioned the 80% agricultural land. Won't our family home bring that value to 50%?

Solicitor will advise best when they have all info.
For example land @ €230k, parents house €70k & own home at €200k but have €150 mortgage.
Then €350k total wealth with only 66% in agriculture

Water John

Also keep an eye on the Nursing Home Subvention. It may come into play. TMK it can claw back even on assets transferred less than 5 years.
Not sure on this but mention to you accountant and solr. Very deff risky if you don't do a complete transfer.

Limestone Cowboy

Muckit wrote: »

There shouldn't be a lot of tax on a farm that size. My advice is to not let the costs put you off. There are a few, but v manageable.

Get the place valued by local auctioneer €300-400. Then ye will both need separate solicitors. Will probably be the biggest cost.

Teagasc run very good days on farm transference. Usually have a selection of local solicitors, accountants etc there to offer free advice. It's a good starting point.

You will also have to transfer the herd number separately. You can do this yourself. Get forms through your local DVO (district veterinary office). Usually not dealt with by solicitors.

Did transfer 6 months ago and auctioneer valued 300 acres for €100. Soliciters fees were 1700 and 1800 for both partys. Had green cert and got all the relief's so can't say much on the tax implications.

Cavanjack

Is it a disadvantage to be over 40 at the time of transfer?

kollegeknight

Limestone Cowboy wrote: »

Did transfer 6 months ago and auctioneer valued 300 acres for €100. Soliciters fees were 1700 and 1800 for both partys. Had green cert and got all the relief's so can't say much on the tax implications.

Did you go to anyone for financial advice? Have ou heard of The man called Richardson in Ennistymon? I wonder is he any good?

Farrell

Cavanjack wrote: »

Is it a disadvantage to be over 40 at the time of transfer?

Would it not be the same as under 40 without green cert?
No matter what age you are, the solicitors have to be paid & then the associated tax/duty

Muckit

Limestone Cowboy wrote: »

Did transfer 6 months ago and auctioneer valued 300 acres for €100.

I don't doubt it but that wouldn't be typical or realistic to budget for. Most would be around the €250-300 +vat. Money for jam perhaps in some cases but more typical of professional fee.

Cavanjack

Farrell wrote: »

Would it not be the same as under 40 without green cert?
No matter what age you are, the solicitors have to be paid & then the associated tax/duty

So you would be liable for stamp duty if over 40?

Farrell

Cavanjack wrote: »

So you would be liable for stamp duty if over 40?

Yes
If you've no green cert you're liable for it anyway.

Limestone Cowboy

kollegeknight wrote: »

Did you go to anyone for financial advice? Have ou heard of The man called Richardson in Ennistymon? I wonder is he any good?

Just what the solicitor gave me. He said I'd qualify for for ag relief and stamp duty relief.

leoch

Can the stamp duty relief be back dated as I had no green cert back when we transferred the farm 4 or 5 years ago but am currently doing the green cert and will be finished this year

leoch

Can the stamp duty relief be back dated as I had no green cert back when we transferred the farm 4 or 5 years ago but am currently doing the green cert and will be finished this year

leoch

Can the stamp duty relief be back dated as I had no green cert back when we transferred the farm 4 or 5 years ago but am currently doing the green cert and will be finished this year

Muckit

Yes if the farm was transferred in the last 4 years and before you were 35?

I think from what you have said, you might just miss out. I'd get looking into it straight away. Know the exact dates of transfer and when you started course.

tellmeabit

I thought the age was pushed from 35 to 40?

Cavanjack

tellmeabit wrote: »

I thought the age was pushed from 35 to 40?

Me too