Hi folks,
Just interested in your thoughts on this scenario.....a person gets a gift of agricultural land and qualifies for agricultural relief at this point in time based on assets & commitment to lease land on long term basis to an active farmer....all ok so far.....however there is a condition on the gift that he must pay €50,000 to his sister at a rate of €10,000 per year over 5 years.
I'm just wondering if he is in actual fact not assessed to CAT until the condition expires i.e. when the €50,000 is fully paid. Presumably the value is reduced by €50,000
Problem could arise as he's no assets now but could have then and potentially would not qualify for Agricultural Relief
Just interested in your thoughts on this scenario.....a person gets a gift of agricultural land and qualifies for agricultural relief at this point in time based on assets & commitment to lease land on long term basis to an active farmer....all ok so far.....however there is a condition on the gift that he must pay €50,000 to his sister at a rate of €10,000 per year over 5 years.
I'm just wondering if he is in actual fact not assessed to CAT until the condition expires i.e. when the €50,000 is fully paid. Presumably the value is reduced by €50,000
Problem could arise as he's no assets now but could have then and potentially would not qualify for Agricultural Relief