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Land transfer

mburke · 2011-08-17 13:30:05

What pit falls should one look out for when transfering land from a father to a son. Will there be tax implications for the son, if so is there ways to minimise this.

17-08-2011 2:30pm

#1

mburke

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What pit falls should one look out for when transfering land from a father to a son.
Will there be tax implications for the son, if so is there ways to minimise this.

0

Comments

#2 17-08-2011 3:56pm

8k2q1gfcz9s5d4

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as far as i know, from parent to child there is no tax to pay. If its uncle/aunt to nephew/niece some tax has to be paid, but not the full amount. Not 100% sure on this, could be wrong

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#3 17-08-2011 4:02pm

Username John

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Kinslee Fat Circus wrote: »

as far as i know, from parent to child there is no tax to pay. If its uncle/aunt to nephew/niece some tax has to be paid, but not the full amount. Not 100% sure on this, could be wrong

I dont think thats fully correct. There are thresholds for each scenario - where they are higher for parent to child then uncle to nephew.

Few threads relating to it, and similar things already
http://www.boards.ie/vbulletin/showthread.php?p=70310840
http://www.boards.ie/vbulletin/showthread.php?p=62147219

As the threads above are old, the figures could be different now. You'd want to check with a solicitor really, as not sure whatthe current thresholds are, or whats changed recently.

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#4 17-08-2011 5:49pm

ravima

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If transferring, try to get some protection for yourself for the future, such as right of residency or even right of maintenance, lest you fall on hard times or lest the beneficiary son be tempted to sell up and head off.

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#5 17-08-2011 7:34pm

mburke

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Thanks all for the advice.

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#6 17-08-2011 7:37pm

countryjimbo

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Kinslee Fat Circus wrote: »

as far as i know, from parent to child there is no tax to pay. If its uncle/aunt to nephew/niece some tax has to be paid, but not the full amount. Not 100% sure on this, could be wrong

Once the land will continue to be farmed the transfer will qualify for agricultural relief.

From revenue.ie
The relief operates by reducing the market value of 'agricultural property' * by 90%, so that gift or inheritance tax is calculated on an amount - known as the 'agricultural value' - which is substantially less than the market value. In general, the relief applies provided the beneficiary qualifies as a 'farmer' *.

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