British farmers turfed out with a lump sum should we have a similar scheme

They had the early retirement scheme in the early 00's which was scraped and never reinstated hard to see them funding the above when they can't even be bothered reinstating/starting something similar to the early retirement scheme

It's money for jam, I'd have no issue with it. As it stands the ROI from farmland/farming is hopeless, if anything it's a kinda ponzi scheme for Ireland which is made worse now that the land has little or no development value because of planning and Taxes. Average land values are hitting €12k now so the hope of any young person being able to buy a farm is ludicrous unless they have a Wealthy relative they can arse lick that's the only way into farming for them. The idea that the Government might hand me a lump sum and I can just rent out the farm to some poor sod who is never going to own it or make a decent living from it is a right laugh. Bring it on!!

1% Stamp duty for young person who is willing to get trained. 33% CAT after €335,000 threshold. I wouldn't be calling Inheritance of little use, neither would the 96% of Farmers in Ireland who are Farmers by inheritance.

There's also the ag relief/ business relief so the value of the inheritance is reduced to 10%.

Ag relief is easy enough got if you don't own an expensive house or very valuable non ag assets already. Even then it would be worth jumping through hoops to get the business relief.

Even the 16,252 relief for someone unrelated means the first €162,500 is tax free. That would cover the first 10-20 acres. The remainder is taxed at an effective rate of 3.3%.

Assuming you are leaving to it a niece or nephew isn’t it the same as a parent leaving it to a child.

I know of one bachelor farmer who was about to get the farm in his name when in his 50’s. He told his mother to give it to his nephew instead, who he’d end up passing it on to eventually anyhow.

it saved a good bit of tax having to be paid as both would have had to pay some at some stage.

and fair play to the nephew and his wife. They are treating the uncle very well

Isn't there always an option of a lump sum if you decide to sell, the asset is there so any farmer can decide to cash in if they want, hardly an incentive if you've a good farm set up the way land prices are now

There's no stamp duty on an inheritance, I think there is on lifetime transfers.

If you sell the buyer pays stamp duty the seller only capital gains which would be 33% of a gain not the total unless it was valued at €0 when the seller got it.

There should be no problem getting the money to pay CGT unless there's a mortgage secured against the asset which needs to be repayed the tax should be able to be paid from the sales proceeds.

Whether it's an attractive option is another story (probably not for most).

I thought there is also reduced stamp duty to a trained farmer of just 1%.

The CAT at 33% is only on anything after €335,000 lifetime inheritance threshold for Group A Parent to Child or Uncle/Aunt to Favorite nephew/niece . So if you inherit a farm worth €1,000,000 you can use the Agicultural relief to value the asset at 10% of the market value ie €100,000. Still below the threshold (€335,000 - €100,000 = €225,000 remaining threshold) so CAT due is Zero.

If it was Group B a distant relative such nephew/niece or Brother then the Threshold is €32,000 which in that case would be €100,000 - € 32,000 = €68,000.

33% of €68,000 CAT due is €22,000 So in fairness if you inherit a Farm worth a Million and by the time everyone is squared up you paid roughly €30-35k how bad is that! If you had to sell the place to cover that amount then it's a kick up the hole you should have got not the farm.

7.5% if the land is gifted instead of inherited. And if you don't qualify for Agricultural relief (ie you are a young trained farmer) then you pay CAT at the full rate plus as another kick in the stones the Gifter may be liable for CRT too!! So in reality the only way to avoid the taxes is to have the place Willed to you

(or you could go down the road of getting the farm valued at a low valuation and pay the Taxes)

sorry typo CGT Capital gains Tax, although CAT due is offset against the CGT due but not guaranteed when t comes to your valuation of land and what revenue thinks it may be worth

Cosanguinity relief is 1% on land transfers

😄..............There would be a marked difference in some recipients I'd say. I could really do with a couple more acres!

I know an old guy up the road, local farmer and his two sons started doing everything for him, wife at it too. They then turned him against his relations,man left all land, cattle and sizeable money to the vultures. There's plenty around still at that crack