How a farm transfer runs.
Start the conversation two or three years before the transfer. The reliefs reward planning.
The family conversation
Who is taking on the farm, what the other children receive, and where the parents live. Rights of residence, maintenance and support are written into the deed.
Tax planning with your accountant
We model the CAT, CGT and stamp duty position and check each relief. Timing, the successor's off farm income and the six year clawback rules all matter.
Title and mapping
We check the folios, resolve any old title problems, and have the land mapped where fields are being divided or a site is being kept back.
Basic Payment and entitlements
The transfer of entitlements and herd number runs alongside the land, on the Department's timetable. Missing the window can cost a year's payment.
The deed of transfer
Signed by both generations, with any rights of residence, rights of way and reservations. Stamped, and registered with Tailte Eireann.
Wills for both generations
The transfer is only part of the plan. The parents' wills and the successor's own will are updated so the farm is protected if anything happens.
The things people ring us about first.
How much tax will the son or daughter pay
Often none. With agricultural relief the value of the farm is reduced by 90 per cent before the group A threshold is applied. The farmer test has to be met.
What about the other children
There is no obligation to treat everyone equally, but resentment later is real. A site, a cash sum or a share of non farm assets is common. We help you record it clearly.
Can the parents keep living in the house
Yes. A right of residence, and often a right of maintenance and support, is written into the deed and registered on the folio.
What if the successor sells within six years
Agricultural relief is clawed back unless the proceeds are reinvested in agricultural property. The successor needs to know this before signing.
Is a lease an alternative
A long term lease to a young farmer has its own income tax exemption for the parent and can be a stepping stone to a transfer. It suits some families better.
Bring this to a first meeting
The folio numbers or old deeds, the herd number, last year's accounts, the Basic Payment statement and a note of who is who in the family.
Make an appointmentTwo things you can check tonight.
Capital acquisitions tax with farm relief
Enter the value and see the tax with and without agricultural relief.
Wills
Both generations need an up to date will once the farm changes hands.
Enduring power of attorney
So the farm can be run if a parent loses capacity before the transfer.
Your guide, with your own figures.
Read the steps, try the calculator, then create a printable guide with your details to bring to your first appointment.
Making a will: what to bring
Making a will is one of the shortest legal jobs there is, and one of the most valuable. This guide shows you how to prepare.
Read it, then create your personalised guideEnduring power of attorney: the how and the why
A will speaks after death. An enduring power of attorney speaks if illness or injury means you cannot manage your own affairs.
Read it, then create your personalised guide