Renting land on long term lease

Thegingerbear

Anyone here renting out farm land on long term leases, from 5 years and up? I am currently renting out a farm for 6 years and the lease is up in the new year. The main benefit to the land owner renting the farm is the tax incentive. And the person who leases gets the benefit of knowing they have the same plot available for a number of years as opposed to 11 months. Does anyone here know if this type of lease can be renewed with the same tax benefit for say another 6 years or is it just a once off? The person I rented it to was a young farmer starting out and I am not sure if this type of lease only applies in that scenario or maybe anyone can avail of it once they have a green cert?

sandman30

Thegingerbear wrote: »

Anyone here renting out farm land on long term leases, from 5 years and up? I am currently renting out a farm for 6 years and the lease is up in the new year. The main benefit to the land owner renting the farm is the tax incentive. And the person who leases gets the benefit of knowing they have the same plot available for a number of years as opposed to 11 months. Does anyone here know if this type of lease can be renewed with the same tax benefit for say another 6 years or is it just a once off? The person I rented it to was a young farmer starting out and I am not sure if this type of lease only applies in that scenario or maybe anyone can avail of it once they have a green cert?

If the lease is renewed you continue to get the tax benefit. No requirement for the farmer to have green cert. Only requirement is it can't be a close relative - sibling or parent child.

buffalobilly

How much would it cost to put lease in place ?

Thegingerbear

You get get a Solicitor to prepare the lease, a few hundred euros should cover it.

Donald Trump

From memory, if the lease is for 6 years or more then it is exempt from stamp duty.

Thegingerbear

Spot on about the 6 years...it avoids having to pay Revenue any stamp duty.

newholland mad

Last few I did we used the ifa lease document and sent it off the stamping office ourselves which cut out the solicitors costs. For the first one I rang the stamping office and they talked me through it, they are very helpful and said for what was involved it's ridiculous to involve a solicitor

Tileman

newholland mad wrote: »

Last few I did we used the ifa lease document and sent it off the stamping office ourselves which cut out the solicitors costs. For the first one I rang the stamping office and they talked me through it, they are very helpful and said for what was involved it's ridiculous to involve a solicitor

I’m building a new shed on the farm yard but that is still in my dads name. I need to lease it from him for tams grant. . Your info above is very helpful. Thanks