Transfer of Farms & Businesses
Here at Dobbyn & McCoy we have extensive experience in the area of transferring farming property and businesses from one generation to the next.
We offer practical and pragmatic advice particularly in respect of the taxation consequences of these transactions. The most common tax implications are as follows:
1. Capital Acquisitions Tax
Transfer of family farms and family businesses generally result in Tax implications. At Dobbyn & McCoy we can advise on the Tax implications and direct you in an efficient way to transfer your farm or business and at the same time meet your needs in relation to such transfers.
2. Stamp Duty
Various reliefs may be available on a particular transfer thereby reducing the Stamp Duty liable. It is important to get proper legal advice before proceeding with a transfer. At Dobbyn & McCoy we can advise you in this regard.
3. Capital Gains Tax
The transfer of property may lead to a Capital Gains Tax Liability. It is important to get proper legal and tax advice on the consequences of a transfer from a Capital Gains Tax position. You should ensure that you do not incur a Tax liability which was not envisaged at the time of the proposed transfer.
If you have any queries in respect of any of these issues raised or you need assistance please contact Danny Morrissey at firstname.lastname@example.org – Tel. No. (051) 874087