Joint herd number?

irishguy19772

We have a 40 acre farm with 10 cows and bull. It is a suckler system with calves being sold as runners.

My father is at retirement age now and I am going to take over the farm long term. It will be a part time approach as I have a full time job. I have done a few improvements over the past year with fencing, solar panel fencing and a camera in shed for calving to make things easier.

I have approached teagasc for an appointment to discuss our options and thinking of going to a solicitor as well.

Has anyone advice of similar to above? In terms of planning farm takeover while someone is still alive/as opposed to passed away. He wishes to keep the land in his name for a few years more.

Would a joint herd number start the ball rolling in terms of farm transfer.

My obvious concerns would be limiting yearly tax bill and also tax implications for farm transfer.

Thanks for any advice.

wrangler

https://www.boards.ie/discussion/2058231623/joint-herd-number

This could apply to you if it suited

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-23/23-02-11.pdf.

Also agriculture relief

https://revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/index.aspx

irishguy19772

Thanks for sending those on. Unfortunately I don't have an agricultural certification for either. And with a full time job I don't think I will have in future.

893bet

https://www.boards.ie/discussion/comment/118590945#Comment_118590945

You can do the green cert online remotely. Well worth it for both agri relief and stamp duty reliefs. It is linked into further grants after that.

What age are you?

irishguy19772

37

cute geoge

Not being smart ,asking have you brothers and sisters ? because once you know at the end of the day they will want/get a cut out of the farm .Discuss this with your father and find out first if you can afford to get the farm ,

irishguy19772

No. Only me unfortunately. So left up to me to sort out.

wrangler

https://www.boards.ie/discussion/comment/118591561#Comment_118591561

Even without the relief your parents can leave you circa €350000 tax free so there won't be much Capital Aquisition tax on 40 acres, but if you were able to avail of the agriculure relief on the land they'd be able to leave you some of their dry money tax free as well.

There's Business relief available either which isn't as difficult as agriculture relief to comply with

Best people to talk to now is your accountant, solicitor and teagasc/Agriculture consultant

kollegeknight

You’re too old.

where are you based? If Munster- Aisling Meehan in Newmarket on Fergus is great.

im 38, no green cert, in the process of taking over the farm. C75 acres of poor land with 13 cows and a bull. Signed the papers last Wednesday.

ive to farm in my own right to qualify for consanguinity relief. My Job allows me to spend half my time farming.

You can pm me about my own experience if you like. I can walk you through what I did.

893bet

https://www.boards.ie/discussion/comment/118592463#Comment_118592463

He is not too old.

At a minimum the greencert will allow him join the young farmers scheme and get 25percent of the national average BPS. Will pay for the course and a bit extra a minimum.

Assuming that will continue under the CAP.

kollegeknight

You’re right on that about the YFS.

I wrongly assumed when he said he was working full time off farm that his income was over the 40k off farm income limit.

I did suggest an ag advisor who could look at his specific requirements.