Stamp Duty exemption for farmers on certain leases
A stamp duty exemption for farmers on the lease of agricultural land for farming use has commenced. The stamp duty exemption that applies for a lease of farm land for a period of 6 to 35 years has finally commenced. The exemption commenced on 1 July 2018.
Capital Gains Tax relief holding period reduced to 4 years from 1 January 2018
A capital gains tax (CGT) relief was introduced for those who purchased property (land and buildings) and held onto it for 7 years. The relief is that no CGT is payable on any gain attributed to the first 7 years of ownership on the disposal of the property. This time period has been reduced to 4 years.