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inheriting farm - farm relief exemption

mickdw · 2019-07-18 12:09:10

In the case of inheriting a farm, one of the conditions of getting the farm relief tax exemption is that it must be farmed by a qualified farmer or in this case rented to a qualified farmer or a farmer who spends 50% or more of their work time on farming. The farm in question has been long term rented to a teacher who does…

18-07-2019 12:09PM

#1

mickdw

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In the case of inheriting a farm, one of the conditions of getting the farm relief tax exemption is that it must be farmed by a qualified farmer or in this case rented to a qualified farmer or a farmer who spends 50% or more of their work time on farming.

The farm in question has been long term rented to a teacher who does not have a green cert. He is a great tenant and there is no reason to change as long as this exemption can be made work as it involves a lot of money.
Anyone know the detail of what is required to prove that a farmer is spending more than 50% of their working hours farming?
I believe teaching is a helpful profession in this regard as according to revenue, the hours can be averaged over the year and as such the summer holidays of a teacher makes for fulltime farming in the summer.
I cant find anything that says you need x y or z to claim the exemption.
Is a declaration of off farm hours versus on farm hours from the farmer required or what? Any ideas. This is all going to hit the solicitors shortly so trying to get some background.

I have been to accountant and taking all circumstances into account, he believed that the farm exemption is a runner in this case - just I don't know what documentation is needed re the farmer.

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