A
Aniroc
Guest
Hi, I was just wondering if anyone would be able to advise in relation to how CAT is calculated for transfer of agricultural land, especially in relation to Agricultural Relief.
I have read the information on citizens information and just wondered if anyone had any clarification on some of these items. Thanks.
How do you assess whether principal residence is 'on the farm'? We do not live in the original family farmhouse (parents still live there), but have built on the farm lands, even though the site was transferred over prior to building so therefore are they still considered 'part of the farm' and therefore an agricultural asset?
The house is jointly owned but it may be preferable for the farm to be transfered to me only as my wife has a share in a company which could result in our joint 'assets' being greater than 20% and thereby not allowing us to obtain agricultural relief. I assume it is possible to transfer to an individual - would the house/site value then have to be split for asset valuation purposes thereby not counting my wife's half in the valuation?
Is pension savings considered an asset included in the calculation?
Are there limitations to then transferring the farm into joint ownership with my wife later, as transfers to spouses can be made without tax liability, or is there a specific amount of time we should wait/need to complete the transaction within?
Thanks v. much
I have read the information on citizens information and just wondered if anyone had any clarification on some of these items. Thanks.
How do you assess whether principal residence is 'on the farm'? We do not live in the original family farmhouse (parents still live there), but have built on the farm lands, even though the site was transferred over prior to building so therefore are they still considered 'part of the farm' and therefore an agricultural asset?
The house is jointly owned but it may be preferable for the farm to be transfered to me only as my wife has a share in a company which could result in our joint 'assets' being greater than 20% and thereby not allowing us to obtain agricultural relief. I assume it is possible to transfer to an individual - would the house/site value then have to be split for asset valuation purposes thereby not counting my wife's half in the valuation?
Is pension savings considered an asset included in the calculation?
Are there limitations to then transferring the farm into joint ownership with my wife later, as transfers to spouses can be made without tax liability, or is there a specific amount of time we should wait/need to complete the transaction within?
Thanks v. much