Are you a farmer thinking of retiring ?

If you are a farmer and are thinking of gifting your land to a member of your family

or have included same in your will to be passed on your death to a family member?

Then the family member may have a substantial CAT liability ( otherwise known as gift tax or inheritance tax ) on taking over the farm

Therefore, it is very important to ensure that your son or daughter can avail of an important relief called “agricultural relief”

This can be done by listing all your family members assets to check will he or she make the definition as a farmer ( as 80% of his or her assets have to made up of farm assets) in order to get agricultural relief

If you have any queries give me a call on 091 763817