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A number of farmers will be furious this week after a hike in stamp duty on commercial land sales from 6% to 7.5%.
Farmland comes under commercial land and some readers will remember the furore in 2017 when the Government unwittingly increased the stamp duty on commercial land from 2% to 6%.
This time around The Dealer noticed that in the hour-long budget recital, Minister for Finance Paschal Donohoe was sure to mention farm restructuring relief – which pulls down the rate of stamp duty for farmers – before mentioning the commercial rate.
All well and good, but farmers who can’t avail of blood relative or restructuring relief will still face the 7.5% whack of stamp duty.
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