John (64) has been farming with his daughter Patricia (32) for three years. They have a 70-acre suckler to beef enterprise and Patricia also has an off-farm job. John is concerned about the tax implications of transferring the land to Patricia after she turns 35 but he is not yet ready to retire. Should he transfer the land now to avoid paying excess tax later?

The first thing that both John and Patricia must look at is their ages. John, being 64 years of age, must consider that if he were to transfer now how does he support himself and his wife up to the time of pension age at 66. A wider implication arises around Patricia. Patricia, being 32 years of age, should look at doing the relevant farm qualification. By taking on a relevant farm qualification, it will enable Patricia to do the following: