The new section 81D of the Stamp Duties Consolidation Act announced in 2014 has finally commenced.
The exemption applies to a lease of land to a farmer exclusively for farming use.
It provides for a full exemption from stamp duty provided certain conditions are satisfied.
These conditions are similar to other farming taxation measures including an obligtaion to farm the land on a commercial basis with a view to a realisation of profits and an obligation to farm the land similar to to that required to claim agricultural relief against capital acquisition tax. The relief also provides for a withdrawal of relief if the conditions are not met for the first 6 years of the lease.
This is is a welcome devlopment to the taxation measures for farmers introduced in recent years.
If you would like to discuss your taxation options please contact us for a consultation.
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.
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