farm entitlements

PANADOL

just bought 20 entitlements today @160 face value is 150/entitlement all including vat it will cost me about 3800 , how does this process work re forms and tranfer of ownership of entitlements , only bought them in preparation of cap 2 incase they shut the gate like they did with the reps what say ye

zetor 4911

The procedure re the sale of entitlements is that the transfer form will have to be signed by the seller and the buyer and both signatures witnessed. This form has to be sent in to the Dept before the closing date for the sps.
The entitlements will not be in your name probable till August at which point the dept will write to both parties letting them know if the transfer was successful.
Did you buy them through an auctioneer? If you did the money should be held by the auctioneer in a client account untill such time as the transfer has taken place. You said you bought 20 at 160 which is 3200 where did the figure of 3800 come from?

Hope this is of help.

k mac

I was also thinking of buying entitlements for the same reason , in case they stop for cap 2. What are peoples views, is it worthwhile ? Is 150 their value, would that be about double there yearly value ?

Jed_Bartlet

PANADOL wrote: »

just bought 20 entitlements today @160 face value is 150/entitlement all including vat it will cost me about 3800 , how does this process work re forms and tranfer of ownership of entitlements , only bought them in preparation of cap 2 incase they shut the gate like they did with the reps what say ye

This is the application form you'll need to complete yourself and have the seller complete too, along with getting it witnessed. It's fairly self explanatory - pages 1 and 2 need to be completed in this case. If you want to ensure that it's received by the deadline, drop it into your local DVO and make sure they give you a receipt (some offices have made up their own, others will stamp the Transfer form as having been received on whatever day and will photocopy the front page)

benjydagg

There should be NO vat on that sale as it is under €37,500 total.
The fees should be 3%. Be very careful buying, some people may try to sell to multiple buyers. This won't be copped til it's too late, maybe in August by the Dept. Auctioneers are insured against this.

Jed_Bartlet wrote: »

This is the application form you'll need to complete yourself and have the seller complete too, along with getting it witnessed. It's fairly self explanatory - pages 1 and 2 need to be completed in this case. If you want to ensure that it's received by the deadline, drop it into your local DVO and make sure they give you a receipt (some offices have made up their own, others will stamp the Transfer form as having been received on whatever day and will photocopy the front page)