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Herd No.

  • 14-01-2019 2:51pm
    #1
    mno101
    Registered Users, Registered Users 2 Posts: 88 ✭✭


    Hello,
    My father is considering transferring ownership of the land to myself and siblings.
    He will continue to work the farm.
    can he retain his herd number and payments even if the farm is not legally his. ?

    appreciate any advice (or link to relevant websites)
    mno101


Comments

  • #2
    emaherx
    Registered Users, Registered Users 2 Posts: 6,333 ✭✭✭emaherx


    mno101 wrote: »
    Hello,
    My father is considering transferring ownership of the land to myself and siblings.
    He will continue to work the farm.
    can he retain his herd number and payments even if the farm is not legally his. ?

    appreciate any advice (or link to relevant websites)
    mno101


    It's an unusual order to do things, but yes he can but he may need some form of lease agreement/s with whoever takes ownership.


  • #3
    kollegeknight
    Registered Users, Registered Users 2 Posts: 3,359 ✭✭✭kollegeknight


    mno101 wrote: »
    Hello,
    My father is considering transferring ownership of the land to myself and siblings.
    He will continue to work the farm.
    can he retain his herd number and payments even if the farm is not legally his. ?

    appreciate any advice (or link to relevant websites)
    mno101

    One option I’m looking at is something similar- mother will lease land off me for 6years initially. The reason is to get land in my name before she dies and secondly, she uses all the farm income and if it went through my tax, anything surplus would be taxed at upper tax bracket.

    That’s on the advice of my ag advisor.


  • #4
    Who2
    Registered Users, Registered Users 2 Posts: 2,123 ✭✭✭Who2


    He can do, no hassle but you would want to declare a minimal amount through his accounts and you too so as to avoid hassle if revenue ever look into things.


  • #5
    blue5000
    Moderators, Society & Culture Moderators Posts: 12,757 Mod ✭✭✭✭blue5000


    OP is a partnership an option?

    If the seat's wet, sit on yer hat, a cool head is better than a wet ar5e.



  • #6
    ganmo
    Registered Users, Registered Users 2 Posts: 7,748 ✭✭✭ganmo


    blue5000 wrote: »
    OP is a partnership an option?

    I think it's in case of a fair deal situation.


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  • #7
    mno101
    Registered Users, Registered Users 2 Posts: 88 ✭✭mno101


    blue5000 wrote: »
    OP is a partnership an option?
    potentially...but none of the kids will be working the farm.


  • #8
    mno101
    Registered Users, Registered Users 2 Posts: 88 ✭✭mno101


    ganmo wrote: »
    I think it's in case of a fair deal situation.

    spot on ! should have mentioned this earlier


  • #9
    kollegeknight
    Registered Users, Registered Users 2 Posts: 3,359 ✭✭✭kollegeknight


    mno101 wrote: »
    spot on ! should have mentioned this earlier

    I’m the same except I do the farming for my Mam. Part of it is the fear of two contrary siblings also.


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