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Farmers can avail of stamp duty relief on farm consolidation from 1 August this year and relief on long-term leases from 1 July, according to a joint statement from the Departments of Agriculture and Finance.
“I am pleased that the commencement of the consolidation relief completes the package of measures I agreed with Minister Donohoe following the increase of the general stamp duty rate in the last budget,” Minister for Agriculture Michael Creed said.
Farms that were bought or sold for consolidation purposes on or after 1 January 2018 will be eligible for consolidation relief.
The Stamp Duty Consolidation Relief will reduce the rate of stamp duty from the standard 6% to 1%.
There was controversy last year when it was discovered that farmland would be subject to an increased rate of stamp duty in the last budget, jumping from 2% to 6%.
The recent approval of consolidation relief hopes to mitigate the aftershock of the previous increase on the farm community.
“I am also pleased that we can introduce the Stamp Duty Relief for long-term leases, which is part of a package of measures promoting long-term leasing and increases the mobility and the productive use of farmland.
“This is especially important for young farmers and those seeking to increase the productivity of their farm,” Minister Creed also said.
More information can be found on the Department website here.
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