Selling a piece of land to buy another could lead to a stamp duty exemption, under a proposal under discussion.
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Fianna Fáil TD Jackie Cahill told the Irish Farmers Journal that he and party colleagues met with Department of Finance officials on Wednesday evening to argue for the relief to be included in the budget before the Oireachtas votes it through.
“A the moment, when you sell land to buy land for the purpose of consolidation, you’re exempt from capital gains tax,” Deputy Cahill said. ”We want this extended to stamp duty. For me, it’s a very logical step.”
Fianna Fáil’s preferred option would be to see the proposal included in the relevant section of the Finance Bill before the Government sends it to the Dáil, to avoid having to introduce risky amendments. The next two weeks will reveal whether Minister for Finance Paschal Donohoe agrees to the request.
The consolidation exemption would offer another avenue for farmers purchasing land to avoid the new 6% stamp duty rate, after the 67 age limit on so-called consanguinity relief for transfers between close relatives was lifted for the next three years.
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Fianna Fáil TD Jackie Cahill told the Irish Farmers Journal that he and party colleagues met with Department of Finance officials on Wednesday evening to argue for the relief to be included in the budget before the Oireachtas votes it through.
“A the moment, when you sell land to buy land for the purpose of consolidation, you’re exempt from capital gains tax,” Deputy Cahill said. ”We want this extended to stamp duty. For me, it’s a very logical step.”
Fianna Fáil’s preferred option would be to see the proposal included in the relevant section of the Finance Bill before the Government sends it to the Dáil, to avoid having to introduce risky amendments. The next two weeks will reveal whether Minister for Finance Paschal Donohoe agrees to the request.
The consolidation exemption would offer another avenue for farmers purchasing land to avoid the new 6% stamp duty rate, after the 67 age limit on so-called consanguinity relief for transfers between close relatives was lifted for the next three years.
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