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Agriculture relief section 11.5.2

  • 03-09-2021 8:49am
    #1
    Registered Users Posts: 14


    Hi. I was hoping someone could help me with the below. I am from a farming family. My grandfather passed away 5 years ago and left the farm to my father. My grandmother has recently passed away and she left me the farm house and farm sheds. My father will be transferring the land to me in the next few years when he retires. Would anyone know if I could claim agriculture relief on the farmhouse and sheds based on 11.5.2 of the act the fact that the farmhouse will be rejoined with the farmland at a later date ? I have a farming qualification farm part time and meet the asset test. Thanks



Comments

  • Registered Users Posts: 8,593 ✭✭✭Mooooo


    A good accountant is the best person to ask



  • Registered Users Posts: 988 ✭✭✭minerleague


    Prob wont qualify for ag relief ( 80% of assets have to agricultural i think) usually with farmhouses they are defined to be intrinsic to the farm and valued with the farm as agricultural property. from your post it seems house must be in separate folio now so will prob valued and accounted for that way. As post above says get professional advice ( maybe qualify for business relief )



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