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Tax on gifts and inheritances are both collected through capital acquisitions tax. The rate is currently charged at 33% but the thresholds have increased, meaning that more of the gift is taken tax free. This change takes some gifts and inheritances out of the tax net and reduces the liability on those that exceed the […]
Tag Archivesfarming
71% of farmers plan to keep it in the family
The Irish Examiner has run a series of interesting opinion polls this week to coincide with the Ploughing Championships. This morning they focus on farm succession. We wrote about it last year and spoke to the Examiner about the interesting results. Rossa McMahon said planning was essential for a clear succession strategy, but many farmers […]
Lessons from Teagasc’s farm succession clinic
As solicitors with broad experience advising farming families we were delighted to be invited by Teagasc to attend their Transferring the Family Farm Clinic for the Limerick/Kerry region which took place today (13 October 2015) in the Devon Inn Hotel, Templeglantine. John Molyneaux and Rossa McMahon met many farming families for one-on-one consultations in a […]
Family farm transfers and the phasing out of consanguinity relief
An important relief from stamp duty frequently availed of in transferring family farms is in the process of being phased out. Anyone considering a farm transfer should be aware of the rules and consider whether they affect future plans. Known as consanguinity relief, the rule halves the rate of stamp duty (from 2% to 1% […]
