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Transfer of stock - Tax implications

  • 04-08-2017 7:23am
    #1
    jfh
    Registered Users, Registered Users 2 Posts: 2,329 ✭✭✭


    maybe someone here might be able to give advise on the following;

    i built up a cattle numbers under my fathers herd number, which he transferred over to me when i got my own herd number so will he have to pay tax on the value of those animals?

    thanks


Comments

  • #2
    rangler1
    Closed Accounts Posts: 6,497 ✭✭✭rangler1


    jfh wrote: »
    maybe someone here might be able to give advise on the following;

    i built up a cattle numbers under my fathers herd number, which he transferred over to me when i got my own herd number so will he have to pay tax on the value of those animals?

    thanks

    I'd say you could get it treated as a gift/inheritance from your father, you're allowed recieve something like 300000 tax free from your father as a gift/inheritance, any way you'd be better talk to an accountant


  • #3
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    rangler1 wrote: »
    I'd say you could get it treated as a gift/inheritance from your father, you're allowed recieve something like 300000 tax free from your father as a gift/inheritance, any way you'd be better talk to an accountant

    3000 annual gift
    and currently € 310,000 CAT threshold group A


    question about he will be affected. depends whats shown in his accounts . its as simple as no one can answer that without seeing the accounts so best chat to him.


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