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Agricultural relief on farm inheritance

  • 23-08-2019 10:58am
    #1
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭


    I've had advice on the various tax issues surrounding farm inheritance however one thing has cropped up.
    Farm is leased out and will continue to be.
    I'm inheriting land and farm house and planning to avail of agricultural relief on entire property (land and farmhouse).
    The farm house won't be leased as relative will remain resident. Now my advisor didn't spot this but reading the tax document on this, it appears that at least 75 percent of the farm has to be leased to avail of the relief.
    Given that the farm house is being inherited as agricultural property, it seems that the value of the house is then included when calculating the 75 percent of the property needing to be leased.
    In short, it would appear that the house needs to be valued at 25 percent or less of the total for the agricultural relief to be valid.
    Any comments appreciated.


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