Republic of Ireland Law
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1. Under Capital Gains TAx rules, you get an exemption from the payment of CGT if you hold onto agricultural lands for seven years after lands are transferred to you provided you qualify as a farmer. You qualify as a farmer if 80% of aLL OF your assets are land, including the land being transferred. However, if you sell the land within the seven years, a sliding rate of full CGT applies, depending on how many of the seven years you have kept the land for. Whilst you don't say how long you have had the land for, you only say "recently", you will pay a rateable proportion of CGT on the 15k you receive. YOu also have your annual CGT personal allowance which gives you an exemption of 1,270 euros of tax payable. TAx is payable at 33% on the "gain" element which is the profit over the amount at which the land was valued when you inherited it. So not all the 15k will be a "gain". Only the amount above the valuation at the time of transfer to you. This will be the proportion of the profit over the 108,000 valuation, which the amount of land represents. So if you are selling one tenth of the lands, then the valuation for CGT purposes would be 10,800 and you would be liable to CGT on the gain of 4,200 which the sale now represents. YOu would then allow for the time held and you personal exemption.
the land has been transferred since may of this year to me and I previously worked as a paye worker it is my understanding that I will have to get my tax status changed.