Finance Bill 2014 - Agricultural Taxation Measures

The Finance Bill 2014 gives clarity to a number of key agricultural taxation measures announced as part of the Agri-Taxation Review launched early in 2014.

Measures include;

- Changes to CAT agricultural relief are designed to encourage land to be farmed to maximise potential

- Various measures were announced in the Budget to make long-term leasing of land more attractive

- In order to claim CGT retirmement relief, the person transferring teh land must be 55 years of age or over and have owned and farmed the land for ten years prior to transfter

- Consangunity relief is being extended, but limited to transfers of farmland between 1 January 2015 and 31 December 2017 by individuals ages 65 years or under to active farmers.

If you are considering transferrring property to any family Member, please contact Anthony Murphy, Conveyancing Partner or any Member of our Conveyanicng Team.