Kieran Coughlan: Agricultural relief changes clarified by Revenue

Revenue has issued an update clarifying last year’s changes to the gift/inheritance tax regime applicable to farm land.

Farm land, farm buildings, farm houses, stock, machinery and single farm payment entitlements can, where relevant criteria are satisfied, qualify for “agricultural relief” from gift or inheritance tax.

Agricultural relief is of huge importance as a tax-planning tool, when organising the transfer of a farm from one generation to the next.