Required Documents and Information
- P.P.S. Numbers
- Up to date Valuation from Auctioneer to include Land, Buildings, Livestock, Machinery, Milk Quota and Trees as may be applicable
- Third Party Consents e.g. Spouses and Civil Partners, Bank, Joint Owners, Persons in whose favour Rights are registered
- Agricultural Qualification (?)
Issues for the Transferor
- Protection of and Provision for Transferor and Spouse/Civil Partner/Cohabitant
– Undue Influence
– Doctor’s Certificate
– Profligate Transferee
- Protection of and Provision for Other Family Members and Dependents
Issues for the Transferee
- Completion of Agricultural Education so that the Transferee aged younger than 35, can avail of stamp duty and other incentives for young trained farmers
- Will the Transferee have a viable on-going income on taking over the farm?
- Debt burden due to family settlements or excessive lease or support payments to parents or other family members relative to the income generated by the farm.
- Check the rules/requirements re. the REPS/AEOS Schemes
- Check the rules/requirements re. Change of Ownership for Forestry Grants and Premia
- Inform Department of Agriculture about Transfer of Single Farm Payment Entitlements/Basic Scheme Payments
- The Retiring Farmer is ceasing farming and “Cessation Rules” apply in relation to Income Tax.
The Transferee who is taking over is commencing farming and “Commencement Rules” apply in relation to Income Tax. Both parties should discuss their plans well in advance with their Accountant
- Talk to the Co-Operative re. Procedures for Transferring Milk Quota on Dairy Farms
- Discuss the Paying–off or Transfer of Loans and Liabilities with Financial Institutions (e.g. Overdrafts, Term Loans, Leases, Hire Purchase Agreements etc.)
- Discuss the transfer/change of herd number details with the District Veterinary Office (DVO)