drawing up lease for land

I think Teagasc and IFA do a standard lease

Basically you have to send it to be stamped to qualify for the tax relief.

Ya IFA gave a master lease that you can download. Read it and edit it if you think you need to

It used to be the case that the Stamp Duty was waived for a 6+ year lease

Your auctioneer is ripping you off. You'd be better off setting it to someone you know for a bit less of a headline price than paying 80 quid an acre to have the lease drawn up. He'll probably charge a small fortune as well for the honour of forwarding on the cheque to you once a year (he won't be there though in terms of chasing up money etc. if there are issues)

your accountant should be able to stamp lease

Lease has to be stamped to get tax relief.

They are in receipt of a gift to the actual value of commercial rent. Now they can use the yearly gift allowance to defray the tax liability on this.

Nominal rent 100 euro, commercial rent 6k. Yearly gift allowance 3k. 2.9k taxable.

However if it was rented for two different people there should be no tax liability.

I am not sure what way an accountant treats it in his accounts. He is probably better off talking to his accountant

Can you tell me where it states this?

It's a requirement of any commercial lease that you stamp it. A land lease is a commercial transfer

Teagasc go to bottom of the page.

TBH most of us know with years that it's a requirment.

I understand completely that leases needs to be stamped similar to if you purchase land I am not disputing that. It is up to the buyer or the leasee to get the lease stamped. However my point is that based on what I have read on the revenue site to claim the tax relief there is no mention of having to get the lease stamped.

I'm not saying I'm right but I can't see anywhere that you need the stamp to claim the relief.

I'm not arguing with anyone but would like to see something somewhere where it says you need the stamp for the relief

Thanks Bass,

That's a fair point. How can you rely on the Tennant to get the lease stamped. I know in theory they should but you cant guarantee it. I looked into this years ago as was planning on leasing land but never happened. Just interested.

Where do you send a lease to get it stamped?