Farm Consolidation Relief at the 1% rate of stamp duty has commenced

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Farm Consolidation Relief at the 1% rate of stamp duty has commenced

The changes to the farm consolidation relief on the sale and purchase of agricultural land that were announced in Finance Act 2017 commence on 1 August 2018.

The stamp duty relief announced in Finance Act 2017 has commenced.

The relief applies for the sale and purchase of agricultural property for farm consolidations that take place during the 24 month period between 1 January 2018 and 31 December 2020.

The land must be used for farming for a five year period and the land must be held for this five year period.

Certain conditions must be satisfied to claim the relief.

stamp duty on farm consolidation in Ireland

The relief applies so that stamp duty is only payable on the excess of the purchase price over the sale price.

Stamp duty applies at the rate of 1% on the excess.

The deed of transfer or conveyance must contain a certificate of entitlement to the relief. 

In addition a farm consolidation certificate must be obtained from Teagasc.


If you would like to discuss your taxation options please contact us for a consultation.

 

Disclaimer

 

The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.

No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article

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