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Transfer of land

  • 31-03-2018 7:20pm
    #1
    raff e30
    Registered Users, Registered Users 2 Posts: 102 ✭✭


    Has anyone any info on what’s involved in land transfer from parent to child?
    5 acres of land with some farm buildings.
    It would be transferred to the son.
    Is there any tax?
    What’s involved?
    Thanks


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    When it's to a son, regardless of how it is handled, there would not be tax involved as the value of that amount of land should be low - below threshold of what is allowable to a son.
    Having said that, it is still important that the transfer is handled in a manner than is most tax efficient for the future.
    For example, the son may be inheriting further in the future. For that reason, a solicitor will advice best way forward for all concerned. There may be specific exemption for family farm much like there is for family home when resident.

    If land is being subdivided from a larger plot, you will need mapping marked up by Engineer to allow the plot to be registered to the son. Again solicitor will advise as to how to proceed.
    You then need to possibly look at the issues around farm grants, entitlements etc.


  • #3
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    Mod
    Sorry, cannot give legal advice here.
    Contact your solicitor
    Thread closed


  • #4
    kanadams123
    Registered Users, Registered Users 2 Posts: 403 ✭✭kanadams123


    Mod: Recommendation deleted. Not allowed on this forum


  • #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    mickdw wrote: »
    When it's to a son, regardless of how it is handled, there would not be tax involved as the value of that amount of land should be low - below threshold of what is allowable to a son.
    Having said that, it is still important that the transfer is handled in a manner than is most tax efficient for the future.
    For example, the son may be inheriting further in the future. For that reason, a solicitor will advice best way forward for all concerned. There may be specific exemption for family farm much like there is for family home when resident.

    If land is being subdivided from a larger plot, you will need mapping marked up by Engineer to allow the plot to be registered to the son. Again solicitor will advise as to how to proceed.
    You then need to possibly look at the issues around farm grants, entitlements etc.

    This is not true. There may be tax payable by both you and your father. Ive just been through it.
    Talk to your solicitor who can give you orooer advice on whats liable and what exemptions hou might be able to apply for.


This discussion has been closed.
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