Inheritence Tax /Green Cert ?

Hi all,

I'm wondering what is the exact situation on inheriting a farm. If I do a green cert will I pay no inheritence tax? Does the majority of my income have to come from the farm in the year in which I inherit it for this to apply??

I am the son of the owner.
My main job is not farm related...

What is the best way to transfer ownership?

Thanks in advance,

you really need to pay for specialist advice on this, i would say it would be very difficult not to be regarded as a "farmer" for the purposes of the inheritance.

There are several issues here, all of which, as the previous poster mentioned, warrant professional advice. There may be different issues depending on whether an inheritance or a lifetime transfer. The issues include :-

1) Meeting the "farmer" test
2) Agricultural Relief and Capital Gains Tax on lifetime transfers by the existing owner
3) Agricultural Relief and Capital Acquisitions Tax on the incoming farmer
4) Stamp Duty Relief for related parties

The actual existing situations, assets, liabilities of both parties would need to be examined to see what course of action is best to maximize reliefs.

Ok, thanks for the advice both of you. I'll look for professional advice.