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I have a client who bought 23 acres of farm land in 2015 and he has farmed it since then. In 2019 he sold the land to a developer (subject to planning) @75% of the proceeds will be reinvested in new farm land. Is Entrepreneur Relief Available? (bearing in mind that the land was originally bought as farm land and not development land)

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Posted by (Questions: 15, Answers: 1)
Asked on 12 July 2019 3:15 pm
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There is no reason in principal why entrepreneur relief can't apply to sale of a farming "business" if it is a "qualifying business" i.e., a business other than the holding of investments, development land, or development or letting of land. Whether 23 acres is sufficient to constitute a "qualifying business" is the issue. If he filed farm accounts for that 23 acres, it might be accepted by Revenue. If the 23 acres are part of a larger "farming business" then the 23 acres is part of a business (a business asset) but not a business in its own right, it will not work.
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Answered on 23 July 2019 5:07 pm