CGT on disposal of farm land

M

MrBart

Guest
Hello all,

An elderly relative of mine is selling approx 30 acres of farmland that has been in her family for years. In recent years it has been rented out. It is not attached to any farm buildings and does not have any development potential.

The sale agreed price is 350K.

What, if any will be her CGT liability. She did not purchase this land as it has been in the family for at least a generation
 
She really should get independent, professional advice on this matter particularly given the large figures involved.
 
Bart,
I would concur with the previous replies, to get independent professional advice. I suspect that your aunt may be exempt from CGT. Under Decembers buget, adjustments were made to allow individuals aged 55 or over to dispose of farming assets on retirement free of CGT. This may or may not apply to your aunts situation. This threshold was being increased from €500,000 to €750,000 from 1 January 2007.

Again, she should get professional advice in this matter.

Regards,
 
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