Disposing of a farm to your child

You can dispose of all or part of your business or farming assets to your child. If you do, you may be entitled to relief from CGT. 

• The definition of your child for the purpose of this relief is as follows:
• A child of your deceased child.
• Your niece or nephew who has worked full time in the business or farm for a minimum of 5 years.
• Your foster child who you have maintained for a minimum of 5 years. 

The amount of relief you're entitled to depends on your age at the time of the disposal:

• Up to 31 December 2013, you can claim full relief if you're 55 or older.
• From 1 January 2014, you can claim full relief if you are between 55 and 65. If you're older the relief is restricted to €3 million

If your child disposes of the asset within 6 years, the relief will be withdrawn. Your child must pay CGT on the original disposal by you, in addition to CGT on their own disposal.