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If you had 50 acres and didn't want to farm it, what would you do?

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Comments

  • #52
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    rancher wrote: »
    We never actually got a breakdown of our final offer from the NRA, the only breakdown I ever had was my claim, which turned out to be a bit optimistic....surprisingly,;)
    You obviously got a breakdown,

    Yes got it for CGT calc


  • #53
    learnerplates
    Registered Users Posts: 783 ✭✭✭learnerplates


    I see theres not much mention of crops other than forest. So farming it from a distance myself does not appear to be an option.

    Leasing suits me now I think. If anyone have recommendations on who to go to then PM me.

    Sale maybe further down the line, cash in the bank I know would be great.


  • #54
    micraX
    Registered Users, Registered Users 2 Posts: 752 ✭✭✭micraX


    learnerplates wrote: »
    I see theres not much mention of crops other than forest. So farming it from a distance myself does not appear to be an option.

    Leasing suits me now I think. If anyone have recommendations on who to go to then PM me.

    Sale maybe further down the line, cash in the bank I know would be great.

    Well you could sow barley in it and get someone to cut it, but it probably wouldn't be worth your wile.


  • #55
    Farmer Pudsey
    Registered Users, Registered Users 2 Posts: 6,326 ✭✭✭Farmer Pudsey


    with all the to do about Comissioner Callinan and the Tapes I heard no report on the farming tax proposals that were supposed to be out yesterday.


  • #56
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    Farmer Pudsey wrote: »
    with all the to do about Comissioner Callinan and the Tapes I heard no report on the farming tax proposals that were supposed to be out yesterday.

    The consultation period only finished yesterday. I suspect the actual proposals won't be out for another 6 months. Don't the Krauts have to have a look at it before it published here:mad:.


  • #57
    Fireside Solicitor
    Registered Users Posts: 124 ✭✭Fireside Solicitor


    Learnerplates, to get back to your question , I'm assuming you've inherited the 50 acres and yard and if you have you might have claimed agricultural relief and are caught by the 6 year rule. Is it this and family pressure preventing you from selling?

    Assume as your in roscommon the land isn't fit for tillage?

    How far are you from the farm?Have you any interest whatsoever in it? What's the SFP like? What livestock is on it now? Have you any one that can help you? The longer you stay away from it how realist is it that you will return or are you dreaming?

    I wouldn't lease land as the man you lease it to has to make his return out of the land and if you are expecting a rent AND the place returned in good order forget it. Only a small percentage will do this for you.I would lease the sheds though as a building lease is a building lease.

    There is all this talk about farming partnerships matching those with land with farmers. I don't know anything about the formal route but if you can find someone local who could help you then here's a few suggestions.

    They are based on what a few around me in the east part of the country do when they're working full time and can't give it the time.

    1. Keep the SFP intact whatever you do - that's your 'rent'
    2. Plant the bad land for forestry if it's bad land.
    3. Rent the sheds to a local farmer you can trust - full repairing lease. Watch it carefully.
    4. To keep an interest you should get setup to allow you to run livestock on the land and keep the land right properly fertilised, fenced, tested etc. Don't go bananas stocking but you have to accept you will have to do some work. Can't you spend weekends, some evenings and some holidays minding the place. Have you someone nearby, family member, that could give you a dig out buying and selling, herding, dosing etc. You are going to have to be prepared to pay them. If not see point 8 below.
    5. claim the new GLAS scheme coming in, will help keep the place right.
    6. Rent the land for winter grazing to a sheep man for November, dec and half jan.
    7. Is any part of it suitable to rent for silage ground?
    8. If you have to rent the grazing ground then rent it to a sheep man for 6 months during the summer for cash, lightest on the land.


    If you have to keep the farm then it's not like a house that you can just rent it and forget about it save for painting it once a year and doing the usual jobs. Your going to have to work it to make a small return and keep it in good nick.

    Farms are not cashflow investments for the amateurs, the value is in the capital asset and how well it's maintained. Forget % return on the capital value of the 50 acres if you are not a good farmer. Even a good farmer struggles to make sense of a % return on the capital value of his farm.

    If your not prepared or can't do these things and need to hold it for tax, then lease it while your holding it and sell it when you are free to sell. Best of luck.


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