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Adding name to Herdnumber - Entitlements tax implications?

  • 28-03-2012 7:05pm
    #1
    WexTK
    Closed Accounts Posts: 153 ✭✭


    Hi all,

    if you added your name to your father's herdnumber and therefore filled in transfer of entitlements form for change of herdnumber registration details (SPSTE form page 4), are there any tax implications of going this route?
    It's not strictly a transfer is it, more adding a name....?

    Thanks


Comments

  • #2
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    Anyone with any thoughts?


  • #3
    arrowman
    Registered Users, Registered Users 2 Posts: 124 ✭✭arrowman


    I have a feeling that this may be looked on as a transfer of half the entitlements from your father to you. The key question here is that after your name is added to the herdnumber both of you must sign the SPS application form and if you were to sell the entitlements, both of you would be required to sign the transfer form. So in effect after you add your name to the herdnumber both of you now own the entitlements which before only your father owned.
    So there may be Capital Gains Tax and Capital Acquisitions Tax issues. Check with the SPS transfer section in the department of ag


  • #4
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    arrowman wrote: »
    I have a feeling that this may be looked on as a transfer of half the entitlements from your father to you. The key question here is that after your name is added to the herdnumber both of you must sign the SPS application form and if you were to sell the entitlements, both of you would be required to sign the transfer form. So in effect after you add your name to the herdnumber both of you now own the entitlements which before only your father owned.
    So there may be Capital Gains Tax and Capital Acquisitions Tax issues. Check with the SPS transfer section in the department of ag

    Having called the SPS transfer section it's they do not concern themselves with anything other than the mechanics of transferring entitlements...


  • #5
    Farmer Pudsey
    Registered Users, Registered Users 2 Posts: 6,326 ✭✭✭Farmer Pudsey


    WexTK wrote: »
    Hi all,

    if you added your name to your father's herdnumber and therefore filled in transfer of entitlements form for change of herdnumber registration details (SPSTE form page 4), are there any tax implications of going this route?
    It's not strictly a transfer is it, more adding a name....?

    Thanks

    Do you need to be joint names on the herd no? You could add your name as the to the herd no as the farm manager this allows you to manage all the herd details fill out forms attend meetings etc


  • #6
    bouli73
    Registered Users Posts: 95 ✭✭bouli73


    depends on your circumstances as to implications.

    I assume (dangerous thing to do) tht your joint income, as joint herd owners, would have to be assessed as to entitlements for schemes etc, ie Organic scheme, SFP etc. This may not be relevant to you if you are already in receipt of SFP, but might be worth considering


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  • #7
    WexTK
    Closed Accounts Posts: 153 ✭✭WexTK


    I guess it would be good to get the insight of any joint herdowners on this site?


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