A farmer has gifted land to his nephew. Revenue have deemed that retirement relief does not apply as the nephew did not work full time on the farm. We now need to submit a revised CG1. The farm was acquired pre 1974 so we will need acquistion and disposal valuations. The land has been professionally valued in 2018 at €7,000 an acre. If I can value the land in 1974 at at €800 an acre in 1974 there will be no liability to CGT. The average cost of farmland per IPAV in 1974 was €594 per acre so I would be adding €200 as 50% is deemed good quality land. 1. Is it likely revenue accept this valuation or should we get a professional valuation of the land in 1974? 2. The professional valuation at €7,000 per acre is probably low. Has revenue been known to challenge land valued by professionals?
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