The Transfer of a family farm to younger generations is a big decision for any farmer. We can offer expert and practical advice based on our extensive experience.
Transferring the family farm is not just transferring a piece of property it is also the family business and also may have huge emotional ties having been in the family for many generations.
There are often other responsibilities and obligations that come with the farm like rights of residence, annuities, maintenance and support. These may affect a persons ability to deal with the property while their parents or other relatives have an interest in same.
Other issues to consider would be the transfer of farm entitlements such as single farm payment, reps, milk quota, etc., and of course any taxes that may fall due.
There are three taxes that have to be considered in the transfer of a farm:
- Capital Gains Tax (CGT)
- Capital Acquisitions Tax (CAT/Gift/Inheritance Tax)
- Stamp Duty
Our Team can advise you in relation to all matters relating to your Farm Transfer be it a voluntary transfer to a family member or sale of your Farm.