Leasing farm land – tax relief
You may claim Income Tax relief on certain income that you earn from the long-term leasing of your farm land.
Your farm land must be in Ireland and the tax relief cannot operate to create a loss.
You cannot lease your land to a close relative.
For your lease to qualify, it must be:
- in writing or evidenced in writing
- for a definite term of five years or more
- for the purpose of working the land with the aim of taking produce from the land, for example such as horse breeding,suckler, sheep etc
A seven year holding requirement applies to land purchased after 1 January 2024. You must own the land for at least seven years before being entitled to qualify for the relief.
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie