Gift of land to farmer - tax reliefs?

M

ManuAnder

New Member
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Hello,

My parents are thinking about gifting me some land. They are over 70 but they are not farmers. I am a full time farmer. I have been leasing part of their land for the last 10 years. Now they are thinking to give me the land that I have been leasing plus a bit more.

I know there are various relieves if it is a farmer to farmer transfer, but my parents are not farmers, and I am struggling to find information for our specific situation.

I was wondering which taxes we will have to pay: CAT (me?), CGT(them), stamp duty(me?), anything else? And are there any relief from these taxes?

Thanks.
 
While you might get some pointers from Askaboutmoney to explore, you really should sit down with a tax advisor and look at your various options.

At first sight, it looks as if your parents will pay CGT on the gift of the land to you. I don't think that there are any reliefs.

It would probably be better if they leave it to you on death, as the capital gains disappear.

Brendan
 
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