Agricultural relief

[Abey40]

My father would like to gift me the family house and farm consisting of about 30 acres of 10 year old planted woodland. I understand that this could qualify for Agricultural Relief to exempt it from gift tax. I do not have any assets at present.

(wanted to include link to the Revenue website)

I however have been working in Germany for the past few years and had planned to stay here. My understanding from the above link is that the condition that I must be resident of the State has been removed. Is this understanding correct?

Of course, I am aware I could still face tax implications here in Germany (but I doubt the value would reach anywhere near the limit here).

 

[beaky]

I thought agricultural relief was available on inheritance only, not lifetime gifts.

 

[Abey40]

I'll talk to a solicitor soon but I would like to have done my research before doing so.

I thought agricultural relief was available on inheritance only, not lifetime gifts.

This is what Revenue's website says:

Agricultural Relief has been available for gift and inheritance tax since the introduction of Capital Acquisitions Tax in 1976. The relief has been increased significantly in recent years.