With the Finance Bill due for publication on Thursday (19 October), the only question was how far the Government would row back on the blanket increase of Stamp duty from 2% to 6%.

The backlash to Paschal Donohoe’s proposal was considerable.

The answer is that the calls of IFA, Independent TD Michael Fitzmaurice and others have been met. The age limit to qualify for a 1% rate on transactions between blood relations will go.

This means that Michael Creed’s statement that the majority of farmland transactions will be able to avail of one or other of the reliefs (the other being the Young Trained Farmer total exemption) is now valid.

A Government spokesperson confirmed that: “Following further discussions with the Minister for Agriculture Food and the Marine, Minister Donohoe has decided that the age rule for consanguinity relief (of 67) will be removed. This means that it will be possible for all gifts and sales of farmland to closely related family members who do not qualify for the 100% exemption available under the Young Trained Farmer Scheme, to benefit from consanguinity relief at a stamp duty rate of 1%.”

It’s a key concession in a Bill that extends to 78 Sections, encompassing all the Government’s taxation proposals for the coming year.

The Irish Farmers Journal also revealed last Thursday the possibility that land sales and transfers which are in progress would be accommodated at the old rate, depending on criteria as yet undefined on the level of paperwork regarding the transaction exchanged between the parties involved. This is also now confirmed.

The cabinet were told on Wednesday morning that “the issue relating to transitional arrangements in respect of stamp duty on commerical property transactions and contracts entered into before 11 October 2017 will also be dealt with in the Finance Bill”.