A number of issues can arise if a farmer was to retain land as security before transferring the farm. \ Philip Doyle
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Is it a good idea for a farmer to keep some of the land for their own security before transferring the farm?
Agri solicitor Aisling Meehan advises that doing this may cause complications down the line.
Such complications range from excluding the land from the three-year cap on payments for nursing home care and the land being downgraded from actively farmed land. Qualifying for key farm tax reliefs also might be an issue.
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Aisling outlines a number of other options that are available to the person transferring the land to the next generation.
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Is it a good idea for a farmer to keep some of the land for their own security before transferring the farm?
Agri solicitor Aisling Meehan advises that doing this may cause complications down the line.
Such complications range from excluding the land from the three-year cap on payments for nursing home care and the land being downgraded from actively farmed land. Qualifying for key farm tax reliefs also might be an issue.
Aisling outlines a number of other options that are available to the person transferring the land to the next generation.
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