Tax

We will ensure you are kept abreast of all key developments in the tax legislation which affects you. We are well aware that the three most important questions in tax are:

Whether you are a private individual or a company Liam will design a tax solution that is aligned to your personal and commercial needs.

Our Services include

Farming Tax

Income Tax
The amount of long term lease income from farmland exempt from tax is being increased by 50%. A fourth threshold for lease periods of 15 or more years with an exemption of income up to €40,000.
The relief will be available to companies and to individuals regardless of age.
Income averaging may now be applied over 5 years and maybe used where there is on farm diversification.
VAT
The Farmer’s Flate Rate Addition will increase from 5% to 5.2% with effect from 1 January 2015, (for unregistered farmers).
Capital Gains Tax
CGT Relief for Farm Restructuring – Farm restructuring relief is available where the first transaction in the restructuring (e.g. Sale, Purchase or Exchange of Land) is carried out by 31 December 2015 with the restructuring to be completed within 24 months. The deadline for the completion of the first restructuring transaction is being extended to 31 December 2016.
Teagasc certification guidelines are being amended to enable whole farm replacement to be eligible for the relief subject to meeting the conditions laid down by Teagasc.
CGT Retirement Relief - is being amended so that land that has been leased for up to 25 years in total (increased from 15 years) ending with the disposal will qualify for the relief. Also land that is disposed outside the family that is currently let on conacre arrangement which ends with the disposal on or before 31 December 2016 or which (before the 31 December 2016) is instead leased out for a minimum periods of 5 years to a maximum of 25 years ending with the disposal will, subject to other conditions also qualify for CGT retirement relief.
Capital Acquisition Tax
Agricultural Relief - From 1January 2015 and subject to other conditions, the relief will be available only in respect of agricultural property gifted or to be inherited by active farmers and to individuals who are not active farmers but who lease out the property on a long term basis for agricultural use to active farmers.
Stamp Duty
Exemption on Agricultural Leases- Agricultural leases between 5 and 35 years in duration to active farmers will be exempt from Stamp Duty
Consanguinity Relief - It is a relief that applies to the transfers of non residential property to certain relatives. It is due to expire on the 31st December 2014. This relief which halves the applicable rate of stamp duty relief will be extended for a period of three years, where the transferor is 65 years or under and the transferee is an active farmer.