rainbow pen
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As a non farmer what percentage of inherited farm land do you need to lease out to a farmer to comply with the rules to get agri relief?
Can you expand on this a little @T McGibney. I would have assumed that the agri relief is hard coupled to the farm. This is of potential interest but I am completely uninformed on the topic.can be entirely lost very easily if something is missed.
Just to be clear is it possible not to apply for agri relief on the 10 acres and still get agri relief on the 70 acres or are you refused all agri relief if you dont inlude all the land on the lease?
Not possible unfortunately.I'm hoping to apply for business relief for land that is already leased.
Is this certain? I was encouraged by this stating that it may be possible: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/index.aspx.Not possible unfortunately.
You've provided a link to Agricultural Relief while mentioning above that you're interested in claiming Business Relief.Is this certain? I was encouraged by this stating that it may be possible: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/index.aspx.
The first document I linked contains a statement that says: "If the agricultural property comprised in your gift or inheritance does not qualify for Agricultural Relief, it may qualify for Business Relief."You've provided a link to Agricultural Relief while mentioning above that you're interested in claiming Business Relief.
Which is it?
Depends on the circumstances.In terms of "valuation date", I understand this will usually mean the date of probate (for a will or intestacy). Is this correct?
Sounds unlikely?If someone has a chunk of cash so that they will not meet the asset test, and they are able to get a look at the will before probate,
In theory yes. If this query relates to an real-life situation, get robust tax advice asap as the financial consequences of qualifying or not qualifying for agricultural relief can be colossal.could they in theory buy other land before probate is taken out in order to meet the asset test?
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