Land Transfer Question

6o9fv7jpreb180

Long time lurker here. Have a question on land transfers and thought this would be the best forum. Currently looking at building on a site on the family farm. No questions in relation to that.

However, future of the farm has never really been discussed, but I'm the only child still living close the family farm. I'm wondering if a site was gifted to me now for building, would this affect any subsequent transfer of land to me, say in 5 years, because I'd have already received the site as a gift?

Hope that makes sense.

Thanks

davidk1394

Jedidiah Little Reptile wrote: »

Long time lurker here. Have a question on land transfers and thought this would be the best forum. Currently looking at building on a site on the family farm. No questions in relation to that.

However, future of the farm has never really been discussed, but I'm the only child still living close the family farm. I'm wondering if a site was gifted to me now for building, would this affect any subsequent transfer of land to me, say in 5 years, because I'd have already received the site as a gift?

Hope that makes sense.

Thanks

Once its under 1 ac you are fine. Other wise it will eat into your capital gains tax

august12

Jedidiah Little Reptile wrote: »

Long time lurker here. Have a question on land transfers and thought this would be the best forum. Currently looking at building on a site on the family farm. No questions in relation to that.

However, future of the farm has never really been discussed, but I'm the only child still living close the family farm. I'm wondering if a site was gifted to me now for building, would this affect any subsequent transfer of land to me, say in 5 years, because I'd have already received the site as a gift?

Hope that makes sense.

Thanks

https://www.irishexaminer.com/breakingnews/farming/site-transfer-beware-of-the-longer-term-implications-868709.html

Cavanjack

Jedidiah Little Reptile wrote: »

Long time lurker here. Have a question on land transfers and thought this would be the best forum. Currently looking at building on a site on the family farm. No questions in relation to that.

However, future of the farm has never really been discussed, but I'm the only child still living close the family farm. I'm wondering if a site was gifted to me now for building, would this affect any subsequent transfer of land to me, say in 5 years, because I'd have already received the site as a gift?

Hope that makes sense.

Thanks

Makes no difference. Keep it valued as low as you can and try and do your green cert and get the land transferred before you are 35 if you can.

6o9fv7jpreb180

Thanks for the replies. Much appreciated!

HughMann

Cavanjack wrote: »

Makes no difference. Keep it valued as low as you can and try and do your green cert and get the land transferred before you are 35 if you can.

Why is it important to get it transferred before you are 35?

Bass Reeves

HughMann wrote: »

Why is it important to get it transferred before you are 35?

Stamp duty is 1%as opposed to 6% inheriting through a will is the same as U 35

Belongamick

Going through the Stamp Duty maze at the moment - this is the detail which makes a HUGE difference when property is being transferred by a living relative...



https://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=14&cad=rja&uact=8&ved=2ahUKEwjr2Ibu9ODnAhUSsXEKHYNED_UQFjANegQIARAB&url=https%3A%2F%2Fwww.revenue.ie%2Fen%2Ftax-professionals%2Ftdm%2Fstamp-duty%2Fstamp-duty-manual-replacement%2Fpart-07-exemptions-and-reliefs-from-stamp-duty%2Fsection-81aa-transfers-of-land-to-young-trained-farmers.pdf&usg=AOvVaw3ecnZ_nDu-Ul4waVd3Bc_6

mickey1985

Does the process take long? I'm 35 in October just wondering if its in progress are you OK or those it gave to be fully complete.

august12

mickey1985 wrote: »

Does the process take long? I'm 35 in October just wondering if its in progress are you OK or those it gave to be fully complete.

Have you the green cert?? I think it's ok if in progress, once the deed is executed to the best of my knowledge, means it's signed by the relevant party and is binding, so if you are 35 or under on this day and have green cert or complete the cert within a certain time frame, then the lowet stamp duty applies.

Bass Reeves

Bass Reeves wrote: »

Stamp duty is 1%as opposed to 6% inheriting through a will is the same as U 35

It’s actually 0% if under 35 (that applies to gifted, inherited or buying land). It’s only 1% if over 35 if the land is gifted or inherited from a parent and it’s 7% otherwise. You need to have the green cert to get the 0% and 1% rates.