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Inherit farm

Abu101

How much to inherit a farm of land in 2014

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ford 5600

raher1 wrote: »

How much to inherit a farm of land in 2014

How long is a piece of string ? Too many different circumstances for a definite answer. Related or not, Any AG qualifications, value of property at time of transfer etc. Not trying to be smart with you in any way.

Base price

As ford said it depends on a multiple of factors.
Here is a link to the Revenue Commissioners website relating to inheritance taxes.
http://www.revenue.ie/en/personal/circumstances/bereavement/inheritance-tax.html

Abu101

Do you need the farm certification?

munkus

raher1 wrote: »

Do you need the farm certification?

To avoid Stamp duty, yes.

TITANIUM.

munkus wrote: »

To avoid Stamp duty, yes.

No you don't.
Ring your local advisor. They will explain all. Just after researching it myself.

munkus

TITANIUM. wrote: »

No you don't.
Ring your local advisor. They will explain all. Just after researching it myself.

If you are under 35 and have the cert, you don't pay the 1% (or is it 2%). What else qualifies for this exemption?

lakill Farm

munkus wrote: »

If you are under 35 and have the cert, you don't pay the 1% (or is it 2%). What else qualifies for this exemption?

As it inherited in a will? ie upon death

Farrell

munkus wrote: »

If you are under 35 and have the cert, you don't pay the 1% (or is it 2%). What else qualifies for this exemption?

So if you don't have the green cert you only pay 2% of the value?
Is there not gift etc?

Username John

I stand to be corrected - but I thought there was no stamp duty on inheritence of a farm.

There is stamp duty on a gift (of a farm).

Pawwed Rig

There are way too many questions you would need to answer to get an idea of the tax liability such as the value and type of your current assets, your relationship with the disponer, previous inheritances etc etc. For something of this size you should consult a tax advisor.

Farrell

Username John wrote: »

I stand to be corrected - but I thought there was no stamp duty on inheritence of a farm.

There is stamp duty on a gift (of a farm).

So if we die in the morning, our child can inherit the farm with no stamp duty to be paid, but when we retire & hand over to whichever, they're liable. Based on no green cert.
Have I taken that up wrong?

Greengrass1

If you are related ie. Son,daughter, wife, father - no stamp duty
Favourite niece or nephfew- no stamp duty
But you have to hold a greencert to be exempt.

If you do not hold a greencert you pay 2% of market value

fixitagaintomo

Depends on how many parcels of land are involved (one block of land doesn't always mean one parcel). Solicitors fee is around 3 to 4k per parcel.
If you want the stamp duty exemption (and I presume you do) you will need an ag cert and will have to work on the farm for a period of 5 years filing tax returns for each year.
transfer of entitlements is another pain in the ass, you'll need a solicitor or adviser to do that.

Im currently coming to the end of a transfer, its taken 18 months!

sheebadog

fixitagaintomo wrote: »

Depends on how many parcels of land are involved (one block of land doesn't always mean one parcel). Solicitors fee is around 3 to 4k per parcel.
If you want the stamp duty exemption (and I presume you do) you will need an ag cert and will have to work on the farm for a period of 5 years filing tax returns for each year.
transfer of entitlements is another pain in the ass, you'll need a solicitor or adviser to do that.

Im currently coming to the end of a transfer, its taken 18 months!

Good Lord. 3 to 4k per parcel !

Farrell

fixitagaintomo wrote: »

Depends on how many parcels of land are involved (one block of land doesn't always mean one parcel). Solicitors fee is around 3 to 4k per parcel.
If you want the stamp duty exemption (and I presume you do) you will need an ag cert and will have to work on the farm for a period of 5 years filing tax returns for each year.
transfer of entitlements is another pain in the ass, you'll need a solicitor or adviser to do that.

Im currently coming to the end of a transfer, its taken 18 months!

Solicitors can be a problem alright

J.O. Farmer

Doesn't the green cert reduce the value of the farm to 10% of market value for inheritance tax purposes.
A farm worth a million will have inheritance tax calculated on a value of 100k.

munkus

fixitagaintomo wrote: »

Depends on how many parcels of land are involved (one block of land doesn't always mean one parcel). Solicitors fee is around 3 to 4k per parcel.
If you want the stamp duty exemption (and I presume you do) you will need an ag cert and will have to work on the farm for a period of 5 years filing tax returns for each year.
transfer of entitlements is another pain in the ass, you'll need a solicitor or adviser to do that.

Im currently coming to the end of a transfer, its taken 18 months!

Just done the same, and I think your figures are miles out. Had six parcel numbers. Transfer of entitlements only needed a witnessed signature of either an ag consultant or a solicitor, no other input.

I'd agree that it's a monumental c#nt of a process and very stressful, made worse by the fact that you now need two teams of solicitors.

Abu101

When you mean parcel is that fields?

munkus wrote: »

Just done the same, and I think your figures are miles out. Had six parcel numbers. Transfer of entitlements only needed a witnessed signature of either an ag consultant or a solicitor, no other input.

munkus

raher1 wrote: »

When you mean parcel is that fields?

Hi Rather,

No, blocks of land. They look like historical divisions from landlord times. Roughly in 10 - 20 acre blocks. All bar one of ours are together.

KCTK

Green cert is only for young trained farmer relief from stamp duty on a farm received as a gift, no stamp duty in inheritance (death). If you don't have it or your over 35 then stamp duty of 2% unless closely related to person gifting you the farm then you get reduced 1% rate.

Green cert, age etc makes no difference to agricultural relief from capital acquisition tax, that is purely an asset test, if over 80% of your assets are agricultural on date of transfer then value of farm reduced by 90%

Abu101

So if your land is divided by road and land commission your in trouble?

munkus wrote: »

Hi Rather,

No, blocks of land. They look like historical divisions from landlord times. Roughly in 10 - 20 acre blocks. All bar one of ours are together.

newholland

Lots of incorrect info on this thread.

No stamp duty on inheritance.
Soilicitors fees are very much up for negoiation. 3500 for 10-20 acres is a huge price.

KCTK

fixitagaintomo wrote: »

Depends on how many parcels of land are involved (one block of land doesn't always mean one parcel). Solicitors fee is around 3 to 4k per parcel.
If you want the stamp duty exemption (and I presume you do) you will need an ag cert and will have to work on the farm for a period of 5 years filing tax returns for each year.
transfer of entitlements is another pain in the ass, you'll need a solicitor or adviser to do that.

Im currently coming to the end of a transfer, its taken 18 months!

God you had it tough, had 5 separate folios here, all done and dusted within 3 months of first meeting with solicitor and was less than €3k all in. Was there missing folios with your transfer or anything to make it more complicated?

fixitagaintomo

munkus wrote: »

Just done the same, and I think your figures are miles out. Had six parcel numbers. Transfer of entitlements only needed a witnessed signature of either an ag consultant or a solicitor, no other input.

I'd agree that it's a monumental c#nt of a process and very stressful, made worse by the fact that you now need two teams of solicitors.

land registration fee incl in that

have2flushtwice

fixitagaintomo wrote: »

land registration fee incl in that

Regardless of greencert,
Inheritance tax for father or uncle is tax free for first 225k, at 33% after that. Any relation further out than that is tax free for first 20k (maybe 18k), at 33%after that. U wud wonder if they really liked u at all!
There is a section 77 tax insurance that can be taken out also. . . . That conversation would be intresting!

onyerbikepat

http://www.teagasc.ie/advisory/farm_management/taxation/Planning_for_Retirement_and_Farm_Transfer.pdf

http://pjf.ie/our-special-interests/farming-law/transferring-the-family-farm

freedominacup

munkus wrote: »

Just done the same, and I think your figures are miles out. Had six parcel numbers. Transfer of entitlements only needed a witnessed signature of either an ag consultant or a solicitor, no other input.

I'd agree that it's a monumental c#nt of a process and very stressful, made worse by the fact that you now need two teams of solicitors.

You should be able to get a tame solicitor to handle one side of the transfer. Someone your family solicitor knows and can deal with quickly and easily.

Miname

I've just gone through a transfer involving 3 folios. You will need to pay an auctioneer to value it. 300. Solicitor was 1200 and tax can be kept low if you have a really good accountant. Some of the figures here seem rediculous

frazzledhome

Reading this thread its frightening the way some rely on your solicitor. It's your account who should do the bulk of the heavy lifting and the solicitor who looks after the transfer.

Never use an accountant for legal matters or a solicitor for accountancy/tax matters would be my advice.

Taltos

OP - this question is too broad for us to help you with here.
With all the good intentions in the world we don't know your circumstances, details on the farm, liabilities, etc to give you the type of advice you need here.

A number of posters here have suggested you speak with a tax advisor or some other professional - that really is the best thing you should do, otherwise you run the very real risk of opening yourself up to huge liabilities.

Thanks, thread closed.
Taltos