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Stamp duty is a tax charged on the instruments used in the transfer of property – that is, on the conveyance documents that transfer ownership of the property. In general, the only factor affecting the amount of stamp duty charged is the value of the property/land. The transfer of livestock, machinery and basic payment entitlements are not subject to stamp duty. The rate of stamp duty applicable generally is 2%.
1 Blood relative relief:
For transfers between blood relatives the 1% rate will no longer be available from 31 December 2017. The rate will be 2% thereafter.
It only applies in 2017 to a transfer where the transferor is under 67-years-old.
2 Young trained farmer relief:
This exemption from stamp duty is to encourage the transfer of farmland to a new generation of farmers with relevant qualifications. The transfer may be by way of gift or sale. This only applies where the young trained farmer is under 35 at date of the transfer.
Young trained farmers must have the relevant agricultural qualifications or must acquire the qualifications within four years from the date of execution of the transfer instrument.
The young trained farmer must spend 50% of their time farming the land to qualify.
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