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Taking over farm 2022

  • 23-09-2021 8:37am
    #1
    Registered Users Posts: 254 ✭✭ irishguy19772


    Any advice on where to go to get some pointers on taking over farm?

    Can chat to our accountant but wondered if teagasc would help?


    Taking over a small family farm next year. 10 cows and a bull. Slatted shed and about. 40 acres of average marginal land. Selling weanlings, beep sceheme and Bps schemes are what are bringing in money


    I work full time so planning to reduce herd by a couple of cows and try to get on new schemes.

    Have introduced a camera for calving and improved fencing, added pasture drinkers


    Any advice on anywhere in Clare Galway area I could go for advice?



Comments

  • Registered Users Posts: 752 ✭✭✭ mr.stonewall


    You will have to complete a business plan that will be signed off by teagasc for young farmer stamp duty relief.

    Good accountant, and good solicitor is a must. Also valuations of land, stock and other farm assets eg machinery.

    You will have to have 90% of total assets after the transfer to get the stamp duty relief.

    Give it lots of time to complete as these things tend to take time.

    Its a few years since I did it but the bits and pieces take time to gather



  • Registered Users Posts: 254 ✭✭ irishguy19772


    Thanks for the tips above

    Unfortunately I am 36, so possibly too old now for the young farmer stamp duty relief.

    I am trying to ascertain would it be best to transfer herd number or to have a joint herd number.

    The assets will stay in his name for a while

    This will probably be the first step in passing the farm over.



  • Registered Users Posts: 1,158 ✭✭✭ crackcrack30


    Hi,

    If you go into the irish examiner website there is a great article covering alot of your querys.... type in to search in site..

    The farm transfer dilemma: Through your will or while you are still alive




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