Land signing process

ABitofsense

I will be taking over the farm in November (solicitors currently working on the paperwork etc). I am registered for the green cert for the autumn. I have being reading alot around the tax side of signing over the land but i am very unsure of the process! I work full time so i will be a "part-time" farmer (40ac, 20 cows with calves size) but should i talk with an accountant on this? I don't want to get screwed on tax. Is there other aspects I'm missing of the process? Or any tips from people who have recently gone through this

TIA

wrangler

ABitofsense wrote: »

I will be taking over the farm in November (solicitors currently working on the paperwork etc). I am registered for the green cert for the autumn. I have being reading alot around the tax side of signing over the land but i am very unsure of the process! I work full time so i will be a "part-time" farmer (40ac, 20 cows with calves size) but should i talk with an accountant on this? I don't want to get screwed on tax. Is there other aspects I'm missing of the process? Or any tips from people who have recently gone through this

TIA

You're going to need a solicitor for this and you'll be needing an accountant from now on, so definitely talk to both.
The actions of my acoountant and solicitor in 1978 ensured I paid a lot less Capital Gains Tax on CPO in 2005 so take advice from everyone

Cavanjack

ABitofsense wrote: »

I will be taking over the farm in November (solicitors currently working on the paperwork etc). I am registered for the green cert for the autumn. I have being reading alot around the tax side of signing over the land but i am very unsure of the process! I work full time so i will be a "part-time" farmer (40ac, 20 cows with calves size) but should i talk with an accountant on this? I don't want to get screwed on tax. Is there other aspects I'm missing of the process? Or any tips from people who have recently gone through this

TIA

Absolutely get an accountant and get a good one at that, Your solicitor should have advised this and they need written advice from an accountant and a valuation from an auctioneer.
Also question everything they tell you. A lot of these “professionals” would leave You dumbstruck with their lack of knowledge of their profession.

L1985

Make sure you get quotes off the two solicitors (you have to have two)before you start! Can be a huge difference in rates. Also expect it to take around twice as long as you’d reasonably expect!!

ABitofsense

Thanks. I'll get an accountant and go from there so. I'll talk with the solicitor again too & question the process from him too

_blaaz

Anyone know story with the Consanguinity Relief on stamp duty??



How do i avail of this/or do i pay flat tate 6% tax,....unqualified green cert wise,father not even 60

maidhc

L1985 wrote: »

Make sure you get quotes off the two solicitors (you have to have two)before you start! Can be a huge difference in rates. Also expect it to take around twice as long as you’d reasonably expect!!

I agree with getting a price in advance, but don't necessarily choose the cheapest.

I agree though, and accountant should lead the way here. I got the opinions of two different accountants and a tax consultant when I was involved in my own transfer (and I am a Solicitor that does a lot of property work...)

satstheway

L1985 wrote: »

Make sure you get quotes off the two solicitors (you have to have two)before you start! Can be a huge difference in rates. Also expect it to take around twice as long as you’d reasonably expect!!

Only twice. I would go 7 times as long. Just hope u have no complication.

L1985

“Quote
Only twice. I would go 7 times as long. Just hope u have no complication.[/quote]”

I honestly thought I was just extremely unlucky that it took as long as it was prob seven times with me as well!! Solicitors know how to complicate things....