selling farm land

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cemel69

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Hi

Hope someone can give me some advice. My brother has been approached regarding selling some of his farm land which is adjoining a small village. He is considering this and is concerned about the tax implications and also the implications for his future state pension and medical card benefits.

Can anyone advise me on the issue of Capital gains tax etc when selling agricultural land to a potential developer?

Thanks
 
capital gains is levied at 20% of gain. What was purchase price of land, what is sale price. Difference is the gain and is taxable at 20%. there is a bit of indexation allowed from time of pruchase to soften the blow as is the annual tax free limit of €1200.

Given the potential gain, you should seek expert advice from accountant or tax advisor.
 
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