Fianna Fáil spokesperson for agriculture Charlie McConologue, Deputy Jackie Cahill and several other deputies are to meet with Minister for Finance Paschal Donohoe this week to raise issues regarding last week’s budget.

Top of the agenda will be in relation to the change in stamp duty from 2% to 6%, which directly affects the sale or transfer of farmland.

Young trained farmers were unaffected in the budget and can still avail of a 0% stamp duty rate, and blood relatives can avail of Consanguinity Relief at a rate of 1% on sales and transfers of land.

However, the blood relative transferring the land must be under 67 and Charlie McConologue confirmed that they would be requesting that this upper age limit be removed.

McConologue also confirmed that the Fianna Fáil delegation would be seeking that the rate of stamp duty be consolidated if a farmer availed of Farm Restructuring Relief.

Farm restructuring relief

Farm Restructuring Relief is available on the sale, purchase or exchange of agricultural land that are made for farm restructuring purposes.

The Revenue states that, ‘Full relief from capital gains tax will be given where the consideration for the purchase or the exchange of agricultural land is equal to or exceeds the consideration for the sale or the other land that is exchanged.’

Draconian age limit

The president of the Irish Hill and Natura Farmers Association Colm O’Donnell has referred to the age limit on stamp duty as ‘draconian’ and has sought the support of all farm organisations in seeking to have the upper age limit removed.

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