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BORROW TO BUY FARM AS INVESTMENT

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Comments

  • #52
    Mooooo
    Registered Users, Registered Users 2 Posts: 8,611 ✭✭✭Mooooo


    Donald Trump wrote: »
    Speaking of buying through a company structure, what are the downsides on the back end?

    You don't own the land, the company does. Selling it again or passing it on may have complications I guess.


  • #53
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,832 ✭✭✭✭Donald Trump


    Mooooo wrote: »
    You don't own the land, the company does. Selling it again or passing it on may have complications I guess.




    I saw something that if it is inherited, then it wouldn't qualify for ag relief, but could qualify for business relief.


    I wonder whether you could set up a company, pay for land over time, then after 20 years dissolve the company and sell the assets to yourself anyway? Or would you be stung somehow for tax? You'd be paying market value to the company (which you own) and then dissolving the company


    Am not asking about anything dodgy.


  • #54
    trg
    Registered Users, Registered Users 2 Posts: 378 ✭✭trg


    Donald Trump wrote: »
    I saw something that if it is inherited, then it wouldn't qualify for ag relief, but could qualify for business relief.


    I wonder whether you could set up a company, pay for land over time, then after 20 years dissolve the company and sell the assets to yourself anyway? Or would you be stung somehow for tax? You'd be paying market value to the company (which you own) and then dissolving the company


    Am not asking about anything dodgy.

    You'd have to pay stamp duty and the company would have to pay Capital Gains Tax anyway.

    Possibly also cgt then on the liquidation of the shares.


  • #55
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,832 ✭✭✭✭Donald Trump


    trg wrote: »
    You'd have to pay stamp duty and the company would have to pay Capital Gains Tax anyway.

    Possibly also cgt then on the liquidation of the shares.




    Yeah. It'd be the CGT on the liquidation of the shares that you'd be stung on. Still, you'd like be a bit better off than if you bought it from profit from the "business" as a sole trader if you were a high-rate taxpayer.


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