ok and ? considering up to the 1980s most of the state was farm land
i don’t know what your trying to prove
personally id perfer the farms to stay in familys ( so they can farm the land in both a food making capacity and a climate change one )
badger-biscuits on
This makes sense. A farm is basically a business and way of life.
If the assets being transferred are not farm related they are not counted in agricultural relief.
marquess_rostrevor on
Have you tried turning your house into a farm?
Inspired_Carpets on
Isn’t there similar reliefs for other businesses? You’re not comparing like for like here.
ronan88 on
There is also business relief at the same level
PublicElevator6693 on
This example is designed to make you go “wow, inheritance tax is so unfair” but the truth is very, very few people are inheriting this much from either farms or PAYE.
The vast majority of us will never inherit enough to hit the threshold, and those who do hit it should pay tax on it.
Character_Desk1647 on
Farms are businesses
TheStoicNihilist on
Apples and oranges, bud
AllezLesPrimrose on
What even is this shite
jackoirl on
This makes perfect sense. Why would you be annoyed by this?
Willing-Departure115 on
So run the thought experiment forward. We tax inheritance of farms the same as passing on a property portfolio.
Loads of farmers cannot afford that tax. So they sell the land to… wealthier farm owners and corporations.
We turn into the likes of the US with mega farms and the family small holding dies out.
You could argue you’re for this – but the policy of the state has been that preserving the rural way of life and smaller farmholders is desirable.
Hence the tax treatment.
PoppedCork on
Disingenuous
crewster23 on
Farms are businesses with business assets – not the same as personal wealth accumulation
MMAPredictor on
What a ridiculous post.
Do you not understand how ridiculous it is for a farm, that generally does not generate much cash, but has capital appreciation over generations, to have no tax relief? We wouldn’t have any farmers in Ireland. They’d all be skint from paying tax on tax on tax.
Business Relief is similar and you have no mention of that.
irishck on
Not sure what the point of this is? Have no issues with young farmers getting tax relief on inherited land. I’d imagine we need them as it’s hardly the most appealing career.
johnmcdnl on
What sort of PAYE earner has a €4.5m lump sum of cash or other unproductive assets to pass on? Yes, if you have €4.5m just sitting in the bank, or in some other such investment fund designed to preserve wealth you’ll have to pay tax on it with inheritance.
These seems reasonable to me — hoarding wealth for personal benefit but no benefit to soceity as a whole, not good — operating a successful business that provides good/services that we use, good.
Can someone explain to me by what logic or political ideological view reckons that this is a problem?
halibfrisk on
Any house can be passed on free of CAT if it’s the disponee’s residence.
tl:dr – Move in with mammy
DonaldsMushroom on
well at least its all being left ‘TO SON’.
Imagine the chaos if daughters were inheriting!
dermot_animates on
My dad was a PAYE worker, sure as shite didn’t have 4,500,000 to leave us. Must have been lazy.
Xeamus4Toes on
Hear me out! We do really really want farmers to stay on their farms. Generation after generation!
FOR FOOD AND STUFF!
essosee on
Yes lets force the sale of all farmland in the country once a generation so that a handfull of super wealthy can buy it all up, monopolise food production and pay no tax themselves.
Farmland is not the same as other assets, farmers don’t hold land to sell it for profit they hold it to pass along. Just because outside forces decide it is valuable doesn’t change that.
That farmer with €4,000,000 of land is probably only making €60k a year off it.
dermot_animates on
“Look at all this milk. I’m going to make a fucking fortune!”
This lad has never been out of the city in his life, and I say that as a dirty townie
spairni on
a farm worth 4 million is a massive farm 500-800k would be more realistic for a standard farm, less in the west on more marginal land
a 50 acres farm with sheds and a house near me only made 600k last year
ruscaire on
The older I get, the happier I am, that I never inherited a farm.
crankybollix on
If you have 4.5m accumulated in assets you’re likely to have structured things with your successors so that they’re not paying anything like the tax quoted here. Life interests in property, family partnerships, trusts etc can all be used to help avoid tax.
Sorry taxing independent farmers into non existence isn’t a priority and would only be in service of corporate farming.
AulMoanBag on
Its so that the other sons don’t start feuding. They love a good feud
Every_Bite_1337 on
Jaysis between this and yer man with the post comparing Dublin to Gotham City 🤣🤣 headbangers 🤣🤣
jamanon99 on
All inheritance tax is criminal
Apprehensive_Ratio80 on
Ummm the majority of ppl aren’t leaving 4.5 million to their kids like this is a terrible example to show no farmer kids could afford to pay that kind of inheritance tax that would absolutely cripple the industry why are you posting this????
Do you think you are being shafted by farmers now??
SCP2521 on
Inheritance tax should be 0%
pen15rules on
This is the stupidest post in a long while. Delete and move on buddy. You have no idea why it’s in place.
sureyouknowurself on
Should just abolish inheritance tax. It’s criminal.
34 Comments
ok and ? considering up to the 1980s most of the state was farm land
i don’t know what your trying to prove
personally id perfer the farms to stay in familys ( so they can farm the land in both a food making capacity and a climate change one )
This makes sense. A farm is basically a business and way of life.
If the assets being transferred are not farm related they are not counted in agricultural relief.
Have you tried turning your house into a farm?
Isn’t there similar reliefs for other businesses? You’re not comparing like for like here.
There is also business relief at the same level
This example is designed to make you go “wow, inheritance tax is so unfair” but the truth is very, very few people are inheriting this much from either farms or PAYE.
The vast majority of us will never inherit enough to hit the threshold, and those who do hit it should pay tax on it.
Farms are businesses
Apples and oranges, bud
What even is this shite
This makes perfect sense. Why would you be annoyed by this?
So run the thought experiment forward. We tax inheritance of farms the same as passing on a property portfolio.
Loads of farmers cannot afford that tax. So they sell the land to… wealthier farm owners and corporations.
We turn into the likes of the US with mega farms and the family small holding dies out.
You could argue you’re for this – but the policy of the state has been that preserving the rural way of life and smaller farmholders is desirable.
Hence the tax treatment.
Disingenuous
Farms are businesses with business assets – not the same as personal wealth accumulation
What a ridiculous post.
Do you not understand how ridiculous it is for a farm, that generally does not generate much cash, but has capital appreciation over generations, to have no tax relief? We wouldn’t have any farmers in Ireland. They’d all be skint from paying tax on tax on tax.
Business Relief is similar and you have no mention of that.
Not sure what the point of this is? Have no issues with young farmers getting tax relief on inherited land. I’d imagine we need them as it’s hardly the most appealing career.
What sort of PAYE earner has a €4.5m lump sum of cash or other unproductive assets to pass on? Yes, if you have €4.5m just sitting in the bank, or in some other such investment fund designed to preserve wealth you’ll have to pay tax on it with inheritance.
If on the other hand, you take that €4.5m into a business which provides tangible economic benefits to the country as a whole, e.g. employment, taxs, or just general goods/services — then you can avail of [Business Relief](https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/business-relief/index.aspx) exists which is quite similar to [Agricultural Relief](https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/index.aspx) mentioned here.
These seems reasonable to me — hoarding wealth for personal benefit but no benefit to soceity as a whole, not good — operating a successful business that provides good/services that we use, good.
Can someone explain to me by what logic or political ideological view reckons that this is a problem?
Any house can be passed on free of CAT if it’s the disponee’s residence.
tl:dr – Move in with mammy
well at least its all being left ‘TO SON’.
Imagine the chaos if daughters were inheriting!
My dad was a PAYE worker, sure as shite didn’t have 4,500,000 to leave us. Must have been lazy.
Hear me out! We do really really want farmers to stay on their farms. Generation after generation!
FOR FOOD AND STUFF!
Yes lets force the sale of all farmland in the country once a generation so that a handfull of super wealthy can buy it all up, monopolise food production and pay no tax themselves.
Farmland is not the same as other assets, farmers don’t hold land to sell it for profit they hold it to pass along. Just because outside forces decide it is valuable doesn’t change that.
That farmer with €4,000,000 of land is probably only making €60k a year off it.
“Look at all this milk. I’m going to make a fucking fortune!”
[https://www.youtube.com/watch?v=_pDTiFkXgEE](https://www.youtube.com/watch?v=_pDTiFkXgEE)
This lad has never been out of the city in his life, and I say that as a dirty townie
a farm worth 4 million is a massive farm 500-800k would be more realistic for a standard farm, less in the west on more marginal land
a 50 acres farm with sheds and a house near me only made 600k last year
The older I get, the happier I am, that I never inherited a farm.
If you have 4.5m accumulated in assets you’re likely to have structured things with your successors so that they’re not paying anything like the tax quoted here. Life interests in property, family partnerships, trusts etc can all be used to help avoid tax.
https://preview.redd.it/bzunsat13mld1.jpeg?width=524&format=pjpg&auto=webp&s=3349d35becc7840aa54252d660d1887da6379ff2
Sorry taxing independent farmers into non existence isn’t a priority and would only be in service of corporate farming.
Its so that the other sons don’t start feuding. They love a good feud
Jaysis between this and yer man with the post comparing Dublin to Gotham City 🤣🤣 headbangers 🤣🤣
All inheritance tax is criminal
Ummm the majority of ppl aren’t leaving 4.5 million to their kids like this is a terrible example to show no farmer kids could afford to pay that kind of inheritance tax that would absolutely cripple the industry why are you posting this????
Do you think you are being shafted by farmers now??
Inheritance tax should be 0%
This is the stupidest post in a long while. Delete and move on buddy. You have no idea why it’s in place.
Should just abolish inheritance tax. It’s criminal.