Agricultural land lease

[Tommy rot]

Hello everyone
I hope someone can give me some direction with My question

My two sisters and I own in equal shares, a small holding of agricultural land.
We have leased it to a local farmer for 6 years. Our understanding is that the income from it is tax free.
However We understand that some form of return needs to be made to revenue.
Our situation is as follows.
I work in a paye job
One of my sisters lives in Australia
The other is a minor, 15 years old and still in school.
I’ve checked on my tax portal but can’t find anything…. I sent a message via the portal about it, but got a short unhelpful answer saying they don’t deal with agricultural leases….
The annual rent amount is small € 4000 per yr before a few annual costs for fence maintenance and public o look liability insurance… so when it’s divided by 3 it’s very small..,

Can anyone advise how to deal with it.

Thanks very much

 

[sharkattack]

If you wish to claim agricultural relief an IT38 CAT return must be filed electronically through
Revenue On Line Services ( ROS) or using your “MyAccount”

 

[seánieboy]

well you have to be over 40 to avail of the land lease tax free and then if you do this you cannot claim for maintenance after doing the land lease and you are still liable to pay usc to the taxman but after that

 

[T McGibney]

You'll need to register with Revenue and file annual tax returns. In addition, your sister who lives abroad will have to appoint a Collection Agent. (You can easily act as her Collection Agent).