Should I sell this plantation in a few years' time or leave it to my son and daughter in my will? This tax liability could be avoided if you were to leave the land to your children in your will, as CGT does not arise on death. Upon leaving the land to your children, they will be subject to capital acquisitions tax (CAT) at 33pc on the value of the woodland they inherit. It is worth noting that trees growing on the land qualify for the agricultural relief regardless of whether your children qualify as farmers or not. Where your children do not meet the 80pc farmer test for agricultural relief, they may qualify for business relief.

Source: Irish Independent February 03, 2020 06:06 UTC