Question asked:


My client who is not a Farmer, lives at home in the family residence and is named beneficiary on that property from his parents. Current MV €250k – currently eligible for Dwelling House Exemption
His uncle wants to leave or gift him his farm & farmhouse valued at approx. €300k. The land is currently rented as farmland and would continue to be rented after transfer from the uncle. The rent rec’d is approx €3,000 p.a – The uncle would live in the farmhouse and claim the rental income off the land until his death. – He should qualify for Agricultural Relief once rented to a F/T or a Qualified Farmer.
Am I correct in saying the uncle should gift him the farm now as he would qualify for Agri Relief as he currently owns no other assets. The subsequent or later inheritance of the family home even if he looses dwelling House relief would be substantially relieved through Group A threshhold of €310k
Is there any relief from Stamp Duty or would consanguinity relief apply?

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Asked on 16 July 2018 4:10 pm