Michael Fitzmaurice TD is proposing a 2% cap on the sale or transfer of land worth under €300,000.
ADVERTISEMENT
Deputy Fitzmaurice, TD for Roscommon-South Leitrim, announced his intention to put forward a vote to cap stamp duty during a joint committee on finance, public expenditure and reform, and Taoiseach, on the 9 November.
Minister for Finance Paschal Donohue stated that the rate of stamp duty on commercial land, including farmland, would be increased from 2% to 6% during Budget 2018, a move that angered many farmers and farm organisations.
Fitzmaurice outlined during the committee how the increase in stamp duty to 6% was having a negative impact on rural Ireland: “This is a problem in rural Ireland and this hasn’t been proofed for rural Ireland.
ADVERTISEMENT
“If you talk to auctioneers this minute, right around the country, land deals are at risk because the extra 10 or 12 or 20 grand isn’t available, and that’s very clear coming from all the auctioneers.”
Speaking to the Irish Farmers Journal, Fitzmaurice said that he hoped to have a vote on the proposed stamp duty cap brought before the Dáil in the next week or two.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Deputy Fitzmaurice, TD for Roscommon-South Leitrim, announced his intention to put forward a vote to cap stamp duty during a joint committee on finance, public expenditure and reform, and Taoiseach, on the 9 November.
Minister for Finance Paschal Donohue stated that the rate of stamp duty on commercial land, including farmland, would be increased from 2% to 6% during Budget 2018, a move that angered many farmers and farm organisations.
Fitzmaurice outlined during the committee how the increase in stamp duty to 6% was having a negative impact on rural Ireland: “This is a problem in rural Ireland and this hasn’t been proofed for rural Ireland.
“If you talk to auctioneers this minute, right around the country, land deals are at risk because the extra 10 or 12 or 20 grand isn’t available, and that’s very clear coming from all the auctioneers.”
Speaking to the Irish Farmers Journal, Fitzmaurice said that he hoped to have a vote on the proposed stamp duty cap brought before the Dáil in the next week or two.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS