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Transferring farm in stages

  • 25-03-2012 2:06pm
    #1
    WexTK
    Closed Accounts Posts: 153 ✭✭


    Hi guys and gals,

    as a young trained farmer and with herdnumber sorted etc, would it be ok to be gifted a portion of the father's farmland now (say 10%) and the remaining land gifted in a couple of years time before my 35th birthday?
    Is it allowed..?

    Thanks


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,494 ✭✭✭✭Victor


    I think there are certain exemptions for working farms, but the limits of what you can inherit / be gifted (tax free) have reduced a lot over the last few years. Now might be a useful time to use as much of that allowance that you can.

    http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html


  • #3
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    What I'm really trying to suss out is whether a farm must be transferred in one go or whether it could be done in two separate transfers a couple of years apart?


  • #4
    TheWeasel
    Closed Accounts Posts: 12 ✭TheWeasel


    You Would want to Contact your Solictor about that,Id Imagine there would be extra cost involved,maps fees, etc..


  • #5
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    TheWeasel wrote: »
    You Would want to Contact your Solictor about that,Id Imagine there would be extra cost involved,maps fees, etc..

    Oh yeah you'd expect the extra cost alright, apart from that I was just wondering if it was possible to receive some acres now and the remainder in a couple of years time...


  • #6
    DMAXMAN
    Registered Users, Registered Users 2 Posts: 328 ✭✭DMAXMAN


    THERE IS NOTHING TO SAY ALLA THE FARM HAS TO BE TRANSFERRED IN 1 GO. I TOOK OVER THE HOME FARM AT FIRST AND LEASED THE OUT FARM FROM MY PARENTS FOR ABOUT 7 YEARS.THEY THEN DECIDED TO TRANSFER THE REST TO ME BEFORE I TURNED 35 SO I COULD AVAIL OF THE STAMP DUTY EXEMPTIONS


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