CAT Question Ag Relief

[mickykilkenny]

I am due to inherit the out-farm portion of my parents farm which I have been farming with a number of years on a part-time but commercial basis.


I have built a house on an adjoining site to this farm and when I receive the land it will essentially adjoin my house.


My question is in calculating Ag Relief 80% is it appropriate to now include my house as a farmhouse and hence classify this an agricultural asset?

 

[T McGibney]

You need to get proper professional advice on this based on your precise circumstances, and that of your farm, as the downside of getting this wrong could be financially catastrophic.

The legislation allows for an appropriate farmhouse to be included as an agricultural asset but you need absolute certainty here, hence my recommendation that you get proper advice.

 

[mickykilkenny]

You need to get proper professional advice on this based on your precise circumstances, and that of your farm, as the downside of getting this wrong could be financially catastrophic.

The legislation allows for an appropriate farmhouse to be included as an agricultural asset but you need absolute certainty here, hence my recommendation that you get proper advice.

Thanks, would it be more suitable to advice from a solicitor with tax expertise on this or an accountant ?

 

[T McGibney]

You will need legal advice too, but unless you are lucky to have a solicitor with specialist tax expertise, I'd go to an accountant or professional tax consultant.