Farm succession

FIAT 450

FIAT 450

Well-Known Member
Well lads. We are at the start of transferring the farm from my parents to myself. I am 35 in October so trying to get it done by then. I have more or less things sorted with accountant and solicitor but now there had to be a farm plan done. It's a weird one because me and dad have been farming along side each other for 15,years now we always got on well and any decisions made were joint and for the benefit of the business. So really for me taking over here is business as normal. Some of the question on the plan aren't really relevant as the place is well built as it stands. For anyone who completed this plan how much info did you divulge and how much did you keep to yourself?
 
FIAT 450 said:
Well lads. We are at the start of transferring the farm from my parents to myself. I am 35 in October so trying to get it done by then. I have more or less things sorted with accountant and solicitor but now there had to be a farm plan done. It's a weird one because me and dad have been farming along side each other for 15,years now we always got on well and any decisions made were joint and for the benefit of the business. So really for me taking over here is business as normal. Some of the question on the plan aren't really relevant as the place is well built as it stands. For anyone who completed this plan how much info did you divulge and how much did you keep to yourself?
Click to expand...
Is that the "my farm plan" booklet? I recently had to do it too, absolute load of waffle.
 
Claas Grass said:
Is that the "my farm plan" booklet? I recently had to do it too, absolute load of waffle.
Click to expand...

As above but make sure its somewhat realistic as it can be audited to see if you did what you were saying you were going to do.

It need not be complicated even if it's just improving soil fertility through targeted P, K and more soil sampling etc.

They don't need an essay :lol:
 
FIAT 450 said:
It's a teagasc one. I showed it to my wife she said it's like a secondary school project.
Click to expand...
Ya that's the one, an actual disgrace of a booklet, jobs for the lads if ever there was. Took me a couple of months to fill it out as I could only think up so much bullshit at a time "why am I farming" what a joke.
 
FIAT 450 said:
There seems to be alot of the questions doubled up in it. The type of questions make a joke of the hole thing.
Click to expand...

What is it for. Is it for stamp duty relief or something. Cant remember doing anything like that but would of had recently done green cert at time of transfer here
 
Mf240 said:
What is it for. Is it for stamp duty relief or something. Cant remember doing anything like that but would of had recently done green cert at time of transfer here
Click to expand...
Like wise here. Transferred the farm at the backemd of last year. There was nothing like that to be done.
 
Mf240 said:
What is it for. Is it for stamp duty relief or something. Cant remember doing anything like that but would of had recently done green cert at time of transfer here
Click to expand...
It's a new thing. Ya cos I am availing of the relief they want to prove I won't sell it before 5 years of owner ship basically. Which is fair enough but the stupidity of the questions is another
 
FIAT 450 said:
It's a new thing. Ya cos I am availing of the relief they want to prove I won't sell it before 5 years of owner ship basically. Which is fair enough but the stupidity of the questions is another
Click to expand...

Just tell them what they want to hear.
 
FIAT 450 said:
It's a new thing. Ya cos I am availing of the relief they want to prove I won't sell it before 5 years of owner ship basically. Which is fair enough but the stupidity of the questions is another
Click to expand...
Sure won't they claw it back if you sell before 5 years. What's the point of it then?
 
Anyone ever left a asset like a farm in a trust for the next generation, ie would be thinking of skipping a generation with the place if that makes sense.
 
Another thing lads need to mind is if you ever got a state aid grant ie stock relief or the fodder grant that was out in the wet year, this can effect your amount you are allowed in stamp duty. The limit on stamp duty is 70k so is you happened to receive grants from state totalled 50k you will only be allowed a exemption of stamp duty of 20k. So mind how you value the business
 
mixedbag said:
Consanguinity relief reduces stamp duty to 1%, young trained farmer stamp duty relief would reduce it to 0
Click to expand...
But its 1% of a much larger amount, I was advised to not apply for young trained farmer and instead apply for consanguinity relief as it offers greater savings. Would have to look into my notes
 
Ozzy Scott said:
But its 1% of a much larger amount, I was advised to not apply for young trained farmer and instead apply for consanguinity relief as it offers greater savings. Would have to look into my notes
Click to expand...
There's no applying for consangiuity relief. It's the rate of stamp that applies to close family members, currently 1%. The young farmer only applies up to the day before your 35th birthday. Should be 0% in all cases where the child is farming.
 
I am in the same position as yourself fiat 450 with the farm succession we are in the middle of it now there is a bit too it !
Have you siblings ?
 
podge 23 said:
I am in the same position as yourself fiat 450 with the farm succession we are in the middle of it now there is a bit too it !
Have you siblings ?
Click to expand...
That farm plan is the greatest load of dung I have ever done it puts me in a bad mood every time I go at it. I have issues with questions about your debt and cash flow. And then the stupid ones .I do but they are all sorted and happy so that the main thing.
 
FIAT 450 said:
That farm plan is the greatest load of dung I have ever done it puts me in a bad mood every time I go at it. I have issues with questions about your debt and cash flow. And then the stupid ones .I do but they are all sorted and happy so that the main thing.
Click to expand...
Just do what you have to do to get it done, those lads won't know if half of what you say is made up
 
I didnt hear any thing about any farm plan anyway.
Are you the youngest in the family ?
I am in the middle here,there is 3 married and sorted and 2 left .
 
You must log in or register to reply here.
Back
Top