Farm account query please

Lucoz

Hi all. My brother is going to rent land and entitlements from my mother - are there any tax implication for mum ? It's only for a nominal amount of rent
Also my brother will take over stock - what figure should I use for opening stock essentially gifted to him ? Thanks so much for any help

It is hard to give general advise on that - something being gifted could come under inheritance / gift tax, nominal rents could be income from one side, it could be a taxable benefit on the other.

You should get some professional advice on this.

lakill Farm

Lucoz wrote: »

Hi all. My brother is going to rent land and entitlements from my mother - are there any tax implication for mum ? It's only for a nominal amount of rent
Also my brother will take over stock - what figure should I use for opening stock essentially gifted to him ? Thanks so much for any help

tax implication for your mother

The stock sale needs to be carried out correctly. Your bother needs to sort a herd number also

You need to get in contact with your mothers accountant and your brother needs to get an accountant/agent who is experienced with farms as there are some good tax reliefs for a new farmer

CluanBomb

Reliable accountant very important.