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Farm & Land

  1. When it comes to the transfer of farms, land and indeed probably any business, planning is the most important thing.
  2. Ideally, you should be making that plan the earlier the better, even if those plans and circumstances change over the years.
  3. Succession planning of course ties back to wills but of course, succession planning can equally relate to retirement or even restructuring.
  4. A farm partnership may be an option to ease the process of succession or the business of the farm may be incorporated. There are various options and you will need to see what works best for you.
  5. To make sure you make the most of the options open to you, you may need to consultant with a farm advisor, accountant as well as a solicitor. This all takes time and there is no doubt that it is best to begin this process while there is time and before it all becomes urgent.
  6. If the transfer does not benefit from any exemptions, the stamp duty rate on the transfer of non-residential property (including agricultural land) is 7.5%.
  7. Luckily there are a number of exemptions relating to the transfer of land.
  8. Transfers of farmland between family members can benefit from a reduced rate of 1%
  9. Young trained farmers can avail of a 0% stamp duty rate. The transferee must be under 35, hold a farming qualification and spend at least 50% of their working week on the farm for a minimum of 5 years from the transfer.
  10. Agricultural relief is available on gifts and inheritances if 80% of your assets at the time of the transfer are agricultural including the assets you are receiving.
  11. Agricultural land can include stock, the farmhouse, machinery, proceeds of sale of stock/equipment.
  12. You may be entitled to retirement relief on Capital Gains Tax on the sale/ Transfer of land.
  13. Most of if not all of these tax reliefs can be clawed back in certain circumstances and it is always best to take advise well in advance of any sale, purchase or transfer.