Hi
The other half’s parents are giving us a site for a self build and in the future half the farm will be left to her as well the farm in circa 250 acres of which 125 would be left to herself a long ways down the road.
Obviously a site would be valued at considerably more than agricultural only land, but we do plan to begin farming next year as well.
I was hoping to get some advice on what to transfer either just the site circa 4 acres or a larger portion of land as plain agricultural land?
Basically it’s the future tax liability down the road we are most worried about.
1. She hasn’t lived on the family farm in roughly 5 years.
2. Neither of us have any agri certs
3. We are both over 35
4. No planning permission applied for yet so all land zoned agricultural
Any advice regarding tax would be greatly appreciated
The other half’s parents are giving us a site for a self build and in the future half the farm will be left to her as well the farm in circa 250 acres of which 125 would be left to herself a long ways down the road.
Obviously a site would be valued at considerably more than agricultural only land, but we do plan to begin farming next year as well.
I was hoping to get some advice on what to transfer either just the site circa 4 acres or a larger portion of land as plain agricultural land?
Basically it’s the future tax liability down the road we are most worried about.
1. She hasn’t lived on the family farm in roughly 5 years.
2. Neither of us have any agri certs
3. We are both over 35
4. No planning permission applied for yet so all land zoned agricultural
Any advice regarding tax would be greatly appreciated