Entitlements

wrangler

Dozer1 wrote: »

its money for jam 100% I would advise doing it.
I've only dealt with http://hmgentitlements.ie/ but there are plenty more in the journal.
Its better than any money in the bank or cattle will return for no effort.

they'll tell you how much it'll cost and how much return you are getting up front

big plus is that its all online now, years ago you needed a form signed by both parties and witnessed.

My entitlements are being paid for this week and the customer will get 60% more than he paid for them, most of it in October the rest in december ....... maybe I'm being soft though.

Young95

wrangler wrote: »

My entitlements are being paid for this week and the customer will get 60% more than he paid for them, most of it in October the rest in december ....... maybe I'm being soft though.

Will you consider selling them next year wrangler? Was told they’ll be a lot for sale next year ?

wrangler

Young95 wrote: »

Will you consider selling them next year wrangler? Was told they’ll be a lot for sale next year ?

By the time the National reserve take their 25% and then you're taxed at 35% Capital gains tax, it wasn't worth considering up to now.
There was good concessions given in the last CAP reform to transfer to the tenant, I've some leased to a tenant so he'll probably end up with them and the other guy has had them for four or five years so hopefully we try to deal.
Last Cap reform if you were even farming one hectare you were allowed keep them

Qprmeath

Quick question when you lease out entitlements when do you get paid for them? I thought auctioneer I used mentioned June but I’m not sure I understood him right.

wrangler

https://boards.ie/discussion/comment/117634550#Comment_117634550

I don't sign over my entitlements until I'm paid for them and they have to be signed over before 15th may I think....

Grueller

I lease them in and the auctioneer usually leaves me off until I sell cattle in late July/ early August every year and I pay him then.

Qprmeath

So it depends who your dealing with? No set timeframe?

Tileman

i use to lease entitlements and I had to pay for them in may. The auctioneer wouldn’t pay the lessor until notice went through from dept of ag that transfer was complete.

I think one year he said he wasn’t paying them until October which was when they would normally receive the bps.

wrangler

https://boards.ie/discussion/comment/117638257#Comment_117638257

There's no way I'd transfer until I got money,

If you transferred before payment, the lessor needn't pay if they were awkward enough

I suppose it's different if auctioneer is guaranteeing it, I got my customer 4years ago so we just transfer them our selves every year

Qprmeath

I do trust the fella involved but I’m fairly certain he mentioned mid June for payment. He would surely have been paid by the buyer at point of sale. Might give him a call in the next few days to clarify.

Qprmeath

https://boards.ie/discussion/comment/117639198#Comment_117639198

Checked on Agfood looks like the lease hasn’t yet been processed by the department yet.

wrangler

https://boards.ie/discussion/comment/117642405#Comment_117642405

You shouldn't have to wait for the department to process it for you to be paid.

Our entitlements were transferred on 12th june, before that agfood just said ''transfer request accepted''

Me thinks your auctioneer is holding up your money

Jim_11

https://boards.ie/discussion/comment/117642405#Comment_117642405

I’ve a few different lots leased in, one still not showing up as completed, advisor has said not to worry

amacca

If you buy entitlements for naked land you own next year (2022), will you retain them.in the new cap does anyone know?

Will they be subject to convergence like the existing ones or is it a case of wait until 2022/23 to find out?

Jim_11

https://boards.ie/discussion/comment/117644408#Comment_117644408

Dept must be reading this thread, final lot got approved today 😀

Qprmeath

https://boards.ie/discussion/comment/117648843#Comment_117648843

Did you get a text?

Jim_11

https://boards.ie/discussion/comment/117650101#Comment_117650101

Yeah, then checked agfood, letter was there

Qprmeath

Still processing, not approved yet. They must be all on their holidays

Qprmeath

https://www.boards.ie/discussion/comment/117714412#Comment_117714412

Got text on Friday so hopefully paid this week.

Qprmeath

https://www.boards.ie/discussion/comment/117654218#Comment_117654218

Did you actually get paid though?

Qprmeath

Still not paid, am I missing something? Does the money come through the department?

wrangler

https://www.boards.ie/discussion/comment/117794508#Comment_117794508

It should come from the people that leased them, there's no reason not to be paid once you sign the transfer.

wrangler

It looks like we'll be able to lease entitlements after 2022 or sell them without clawback to the national reserve.

I had a suspicion they mightn't be able to take them off us

Young95

https://www.boards.ie/discussion/comment/118218621#Comment_118218621

You’ll be able to lease them wrangler but you’ll get **** all back out of them . The 25% percent eco payment won’t belong to youz as that’s a separate thing now plus if your getting done by convergence and criss. You’ll be getting what ever % of the unit price back of the entitlements and that’s that . If I was leasing them id sell up this coming year

wrangler

https://www.boards.ie/discussion/comment/118218823#Comment_118218823

I actually have a few looking for them, I'm not going to sell until the clawback is abolished anyway and maybe CGT like 2013, there's guys buying lots of land that'll never get entitlements for it only by buying them, certainly won't get them from national reserve.

I'm in no hurry, there'd be 60% taken off them to sell now

C0N0R

Any more details on this? Average value entitlements leased out on long term lease here, from what you’re saying I’ll still be able to do that but the value of entitlements will be less due to eco schemes - but if I were to return to farming in the future I’ll have entitlements to return to?

wrangler

https://www.boards.ie/discussion/comment/118219126#Comment_118219126

IFJ has it this week, all only proposals at the moment, my lease finishes in 2028 and would like to be able to hold them too if I thought someone was interested in taking them over