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Farm account query please

  • 05-03-2018 3:45pm
    #1
    Lucoz
    Registered Users Posts: 20 ✭


    Hi all. My brother is going to rent land and entitlements from my mother - are there any tax implication for mum ? It's only for a nominal amount of rent
    Also my brother will take over stock - what figure should I use for opening stock essentially gifted to him ? Thanks so much for any help


Comments

  • #2
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    It is hard to give general advise on that - something being gifted could come under inheritance / gift tax, nominal rents could be income from one side, it could be a taxable benefit on the other.

    You should get some professional advice on this.


  • #3
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    Lucoz wrote: »
    Hi all. My brother is going to rent land and entitlements from my mother - are there any tax implication for mum ? It's only for a nominal amount of rent
    Also my brother will take over stock - what figure should I use for opening stock essentially gifted to him ? Thanks so much for any help

    tax implication for your mother

    The stock sale needs to be carried out correctly. Your bother needs to sort a herd number also

    You need to get in contact with your mothers accountant and your brother needs to get an accountant/agent who is experienced with farms as there are some good tax reliefs for a new farmer


  • #4
    CluanBomb
    Registered Users Posts: 46 ✭CluanBomb


    Reliable accountant very important.


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