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I have a client who is receiving 7 acres of agricultural land as a gift from a friend. As it stands, my client is not eligible to agri relief or business relief. If the two parties enter into a loan agreement whereby my client repays his friend €3,000 per year for 20 years payable on the 1st January each year, would this suffice to get around the CAT liability? If on the 1st January each year my clients friend decides to forgive that years repayment, it would be covered by the annual gift allowance. Am I correct? Are there any implications for loan interest?

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Asked on 5 August 2016 2:41 pm