Agriculture

Beneficiaries who inherit agricultural property or receive it by way of a gift may be able to claim Agricultural Relief to reduce their Capital Acquisitions Tax liability. Where it applies, beneficiaries benefit from a 90% reduction in the tax payable otherwise. Agricultural property is defined as Agricultural land, pasture & woodland located within the European Union, …

This exemption can apply in circumstances where agricultural land is gifted and where agricultural land is sold. The current rate of stamp duty for non-residential property is 2%. Where the exemption applies, no stamp duty is payable which can save young trained farmers significant sums of money. The conditions for qualifying for this exemption are …