Capital Gains Tax Milk Quota

Clifden

Registered User
Messages
10
How do I calculate cgt on milk quota that I inherited with land in 1989 and i'm now selling back to the co-op and retaining the land. I didn't purchase any quota
 
If you inherited, then it should have been valued for the return to Revenue in the return made when probate or letter of admin was obtained as part of the process of distribution of assets. Perhaps the land and quota were valued together. If so, then you are likely to need a retrospective valuation done by a competent valuer. That is certainly the requirement in relation to non-farming situations.
 
You'll have to ask your accountant to do that, you will have to get an auctioneer to value the land now and to put a value on it when you inherited it cost around €130. Then your accountant will use a formula to calculate the cgt.
 
Back
Top