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Inheritance from Grandfather

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    #32
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,301 CMod ✭✭✭✭Pawwed Rig


    wrangler wrote: »
    It's 20 years a go now, so it's obviously right also a neighbour got the same concession taking land from his grandfather lately.

    Not necessarily. It may be that they just never questioned the claim. Revenue are not as all seeing as many believe.


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    #33
    trg
    Registered Users Posts: 377 ✭✭trg


    Pawwed Rig wrote: »
    Not necessarily. It may be that they just never questioned the claim. Revenue are not as all seeing as many believe.

    True. And paper doesn't refuse ink. You'd be majorly in the soup though if they picked it up sometime.


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    #34
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,301 CMod ✭✭✭✭Pawwed Rig


    trg wrote: »
    True. And paper doesn't refuse ink. You'd be majorly in the soup though if they picked it up sometime.

    Probably never will if it was 20 years ago now


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    #35
    trg
    Registered Users Posts: 377 ✭✭trg


    Pawwed Rig wrote: »
    Probably never will if it was 20 years ago now

    Agreed but someone mentioned about a neighbour a year ago. I'd be sweating if I was them.


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    #36
    Mooooo
    Registered Users Posts: 8,611 ✭✭✭Mooooo


    I'd be suggesting he go to an accountant before a solicitor, with FDC here and happy with them. Accountants would give a better idea of any financial outlays there would be if that's one of his main worries. Only other thing is for him to keep communication open with his family.
    As every situation is unique the professionals are the people to talk to. Knowing what the outcomes may be would in itself relieve a bit of pressure, at least whatever it is can be planned for.


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    #37
    wrangler
    Registered Users Posts: 11,064 ✭✭✭✭wrangler


    LawBoy2018 wrote: »
    They obviously can't. If the agricultural relief isn't available, he'll be paying CAT.

    He's entitled to over 30000 tax free from the grandfather anyway which is over 300000 euros worth of farmland/assets before he has to pay tax and after that it's only 3.3% tax on the rest of the inheritance


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    #38
    JeffKenna
    Registered Users Posts: 4,517 ✭✭✭JeffKenna


    wrangler wrote: »
    He's entitled to over 30000 tax free from the grandfather anyway which is over 300000 euros worth of farmland/assets before he has to pay tax and after that it's only 3.3% tax on the rest of the inheritance

    Sur the house alone would surely be worth 150/200k. Wouldn't be long hitting 300k. It's 33% btw.


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    #39
    wrangler
    Registered Users Posts: 11,064 ✭✭✭✭wrangler


    JeffKenna wrote: »
    Sur the house alone would surely be worth 150/200k. Wouldn't be long hitting 300k. It's 33% btw.

    Very few farms get the value of the house unless the house is exceptional and land is valued at 10% of it's true value if you adhere to certain conditions so that works out at 3.3% tax on the total value of the farm


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    #40
    longgonesilver
    Registered Users Posts: 734 ✭✭✭longgonesilver


    I have seen in writing from an authoritative source that Grandfather to Grandson has been accepted by revenue. I think it was in Osullivans Handbook for Farmers.

    https://www.farmershandbook.ie/

    This could possibly be applied on a sympathy basis for instance if the son/father had died tragically and each case would be looked at individually. If the middle link is still alive and a substantial tax saving was been made by jumping a generation rather than going through the two steps Revenue might not look favourably on it.

    Above all he has to satisfy the labour requirements. Documentation helps.

    http://www.som.ie/wp-content/uploads/2019/08/Saving-a-Fortune-in-the-Farm-Succession-Stakes.pdf

    Is the dwelling excluded from agriculture relief?


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    #41
    J.O. Farmer
    Registered Users Posts: 2,431 ✭✭✭J.O. Farmer


    I thought the house qualified if on the farm.

    https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/what-is-agricultural-property.aspx


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    #42
    longgonesilver
    Registered Users Posts: 734 ✭✭✭longgonesilver


    I would have thought so but in the article I linked to it states it is excluded from favourite neice/nephew. The author would be considered an expert.


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    #43
    vurstflavor
    Banned (with Prison Access) Posts: 46 ✭vurstflavor


    Has a will been made


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    #44
    Akesh
    Closed Accounts Posts: 315 ✭✭Akesh


    Assuming the grandfather has not worked the farm himself continuously for 10 years prior to the date of transfer very little relief will apply and therefore you should go to a tax expert who has good experience in the transfer of farmland to ensure you're getting the best advice.


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    #45
    greysides
    Moderators, Society & Culture Moderators, Sports Moderators Posts: 8,974 Mod ✭✭✭✭greysides


    Mod

    I think the recurring theme in the posts in this thread is to seek professional advice.
    I appreciate that the OP sought ideas, rather than legal advice, but the thread has gone in that direction.
    I hope the discussion has been of some use.
    However, I've grown uncomfortable with it and am closing it now. Thanks to those who contributed.

    The aim of argument, or of discussion, should not be victory, but progress. Joseph Joubert

    The ultimate purpose of debate is not to produce consensus. It's to promote critical thinking.

    Adam Grant



This discussion has been closed.
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