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Dear Alan, We have a Ltd Farming Company where the Farmer retained the land personally and is leasing it to the Company. Since incorporation, a Farm Building was constructed, a VAT58 filed under the Co Tax No, loan repayments on the building are being made by the Company and Capital Allowances on the Building are being set against the Company profits. Should the plot of land on which the new Building is situated be marked off and sold to the Company? What is the situation here given the Farmer owns all the land personally. Similarily, if land is rented from a Third Party under a Lease Agreement and a partially completed Farm Building is fully completed by the tenant Farmer trading as a Ltd Company during the term, what is the situation here from a legal point of view in terms of the land on which the building is situated? We would be grateful to receive your comments. Thanking You Kind Regards Padraig Agnew

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Asked on 19 June 2018 5:09 pm