Tax query on inherited land sale

S

seanog77

Guest
Hi all,

I inherited some land in 2002. The land has been rented to local farmers up until now, but I am thinking of selling a piece of the land as a site. Are there tax implications for doing this - I have been told there may be liabilty on farm assets sold within six years of the inheritance. Would a site be classified as such?

Thanks in advance,
Sean
 
You might want to check this out- there is only a clawback if you availed of some form of relief. off the top of my head the only one I can think is relevant here (based on what you've told us) is agricultural relief. You can, BTW, avail of agricultural relief even if you are not a farmer because the test is on the amount of your assets which are agricultural ( including those you inherited). So if you are sure you didn't avail of this relief, perhaps there isnt a clawback. You would want to check with who ever did the tax returns for you.
 
OK, thanks for the info. I'll have to check that.
 
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