When can an extension be granted for the payment of gift tax for a generational transfer?

When you continue farming or business activities, you can apply for a payment extension on a gift tax return. The requirement is that at least €1,700 of tax comes from the farm or other business whose activities you are continuing.

The extension to the payment period must be applied for before we levy taxes. If we grant a payment extension, the gift tax payable on the farm or business will be divided into at most 10 annual instalments. The minimum amount of a single instalment is €850. No interest will be collected on the extended payment period.