In the annual results of the Teagasc National Farm Survey (NFS), the bottom-line story on farm income levels tends to draw most of the attention. However, the NFS contains a wealth of detail beyond this income story.
The latest haul from tax defaulters and other probes undertaken by the Revenue Commissioners has yielded €107m for the Exchequer, with a carer forking out almost €1.1m in tax, interest and penalties during the first quarter of the year.
Last week, I wrote about making provision in your will for the establishment of a discretionary trust after your death. Here, I deal with setting up a lifetime discretionary trust which involves putting assets into a trust during your lifetime, to protect them.
Long-term leasing of land has seen a surge in popularity in recent years. The old conacre system (10-month lettings) is quickly going out of fashion in favour of 5, 7, 10, 15 even 20-year land leases.
Q I have a large forestry plantation in Ireland - which is 10 years old. I am in my 80s. Should I sell this plantation in a few years' time or leave it to my son and daughter in my will? Which would be the most tax-efficient option for them? As they are not farmers, I fear they may not be able to manage thinnings and clearfelling, or the sale of the plantation. Tom, Wicklow
A dairy farmer and his wife who were in danger of losing their family home and farm have secured their property after Kilkenny Circuit Court approved a Personal Insolvency Arrangement (PIA) to resolve their debts of over €1m. We outline out how Personal Insolvency Arrangements (PIA) work
Q: I run a family farm in Louth, and my 16-year-old nephew helps me for about 10 hours a week during school time with some administration and light help on the farm. He has been a great help, and during school holidays I would like to employ him full-time while he is off school. I want to register him for tax so that he is set up properly. Will this be allowed by Revenue, as he is family?
At a group discussion meeting I recently attended, the focus centred on news of another cut in milk price. Needless to say, the co-ops were the bogeymen in this discussion, as the justification for a price cut at this time was somewhat difficult to rationalise.
In my time advising farmers I have encountered many occasions where I'm faced with the difficult task of making a judgement call on whether my client sitting in front of me has the wherewithal to buy a piece of land that he would dearly love to get his hands on.
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