Please note: For gifts and inheritances taken after 1 January 2015, where the valuation date is also on or after 1 January 2015 you must: farm the agricultural property on a commercial basis for at least six years from that date or lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date. The above requirements are known as the 'Active Farmer Test'. Additionally, the person receiving the gift or inheritance, or the person leasing the property must either: have an agricultural qualification (as listed in Schedule 2, 2A or 2B of the Stamp Duties Consolidation Act 1999) or farm the agricultural property for at least 50% of his or her normal working hours.
You can leave or transfer land, buildings, farmhouse, stock and working capitial to the valuation, by auctioneer, to value of 3.5 million to each child tax free. I suspect now the benificary must have a green cert and cannot sell for some years. There is also reduced stamp duty. If the donar has been farming and owning the land for ten years and is over 55 there is no capital gains on the generally very large capitial gains. In the past the Land Commission had to give premission for land sales. I think now something like it should be formed again or we will end up, all over again with huge areas of land belonging to a small number of people instead of family farms. The bloodstock industry pays no income tax and they are some of the biggest land buyers.
@@bluegtturbo I am telling my experience of about eleven years ago, I had farmed land for 30 years plus and the receiving children had no assets. On another point I always wonder why people are afraid to use their name and hide behind phrases like bluettubo.
Hi Terry if a brother in law leaves a farmhouse and farm to his brother in law. Who hasn't to this date farmed. Can the brother in law avail of the Agri relief? Has no green cert and hasn't farmed before. Prior to his brother in law death i think the farm was leased and i think it will now be leased again or is still continued to be leased currently. Brother in law is 65 and owns his own house. Thanks Terry
Hi Terry if a brother in law leaves a farmhouse and farm to his brother in law. Who hasn't to this date farmed. Can the brother in law avail of the Agri relief? Has no green cert and hasn't farmed before. Prior to his brother in law death i think the farm was leased and i think it will now be leased again or is still continued to be leased currently. Brother in law is 65 and owns his own house. Thanks Terry
For gifts and inheritances taken after 1 January 2015, where the valuation date is also on or after 1 January 2015 you must: farm the agricultural property on a commercial basis for at least six years from that date or lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date.
Thank you for another informative video, My Gorry. May I ask for your advice? My career aspiration is to become a Solicitor in Ireland. I have yet to take my entrance exams and would like to gain relevant experience in a legal firm or workplace. Do you have any suggestions for me to find such opportunities? Kindest regards.
Make plenty of applications. All you can do is ask and keep asking. One day your timing will be just right and you might get a break. It's not rocket science, you need to knock on doors.
What if I want to leave my (leased out) farm to my daughter in England. If she continues to lease it out will she still be exempt from both UK and Irish tax??
Interesting topic, a major factor in the increase of land prices and land acquisition. Would using a home or part of a home for Airbnb or renting the property have any tax implications in the case of imheriting or gifting that property thereafter? Would you mind doing a video on this please?
Hi Terry, if a father wants to pass on a farm to his daughter,and we will say the farm is valued at 600.000 euro, and there is a house on the farm valued at 300.000 euro I take it that the house will be valued separately, that only the land will get the relief. But then the land value would be reduced to 60.000 euro, so that would leave the house at 300.000 plus the 60.000 total 360.000 of this total 335.000 can be gifted tax free leaving a bill of 25.000 on which to pay CAT provided the recipient farmed the land or leased the to a working farmer for six years, and of course all of this is subject to the value of the property they are receiving making up more than 80 per cent of their total wealth. Am I right or wrong in what I have written.
Unless the rules have changed. If the house is the farm house it valued as agricultural rate, the stock, machinery and working capitial are also included. I had 2 farms, with farm houses on them, I gave them to different children and got ag rate. Check your own capitial gains but if over 55 and farmed the land for previous ten years I think you are OK. You can't have been letting it on 11 month. I may be out of date I did it over 10 years ago. So get advice. I got premission to live in houses for my life time. If your daughter gets divorced it can be a problem.
For gifts and inheritances taken after 1 January 2015, where the valuation date is also on or after 1 January 2015 you must: farm the agricultural property on a commercial basis for at least six years from that date or lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date.
Well there's an unfair short cut those children can do green cert on line with little effort if they have a diploma or degree of any sort dosnthave to be agri or science related...
Its absolutely ridiculous profitable dairy farmers have this exemption..they recieve grants to builds sheds then pay no commercial rates then an exemption to pass to their kids .
@@johnearle6667 But most family farms are not held as a business entity yet they get an exemption that no other member of society can enjoy .its a joke.
