Agricultural Relief

What are the conditions to qualify for Agricultural Relief?

You can claim Agricultural Relief from gift or inheritance tax (aka CAT) if you receive a gift or inheritance of agricultural property and you qualify as a farmer.

To qualify as a farmer, the value of your agricultural property must make up 80% of your total property value on the valuation date. This is called the ‘Farmer Test‘. This does not apply where agricultural property consists only of trees and underwood.

To qualify as a farmer you must either:

1. farm the agricultural property on a commercial basis for at least six years from that date or
2. lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date.
3. you or the person you are leasing has an agricultural qualification (as listed in Schedule 2, 2A or 2B of the Stamp Duties Consolidation Act 1999)
4. you or the personal you are leasing to farms the agricultural property for at least 50% of his or her normal working hours.

Subject to qualifying criteria and conditions

Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie