Go Back   Askaboutmoney.com > General Financial Issues > Other financial issues

Reply
 
Thread Tools
  #1  
Old 27-01-2011, 12:35 PM
farmerjim
 
Posts: n/a
Default Farm inheritance tax

I have inherited the family farm from my father last year. It was worth Ä500,000. I qualified for agriculture releif. My aunt has told me that she intends to will me her farm that would be worth approx Ä600,000. Will i be able to get the full releif as a favourite nephew?
Reply With Quote
  #2  
Old 27-01-2011, 02:57 PM
Vanilla Vanilla is offline
Frequent Poster
 
Posts: 3,905
Default

Here's the favourite nephew conditions taken from revenue.ie website:

The relief applies to a niece or nephew who has worked substantially on a full-time basis for the disponer for the period of five years ending on the date the disponer ceases to have a beneficial interest in possession in the business. The relief will only apply to assets used in connection with the business. Note that farming is a business for the purposes of the relief. The niece/nephew must be a blood relation. The relief does not apply to a niece/nephew-in-law. In order to qualify for the relief, the beneficiary must have worked a minimum number of hours in the disponerís business, i.e.
  • 15 hours per week in a small business, i.e. a business carried on exclusively by the disponer, the disponerís spouse and the nephew/niece.
  • 24 hours per week in a larger business, i.e. where there are other employees.

This relief is currently available but coming up to the last budget there were ominous predictions about this and agricultural and similar reliefs being cut/abolished in the future. We cannot predict what reliefs will be in place when your aunt dies.
Reply With Quote
  #3  
Old 28-01-2011, 11:59 AM
farmerjim
 
Posts: n/a
Default

Thanks for that vanilla
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 11:19 AM.