Vol. 443 No. 1
50 Mr. Finucane asked the Minister for Finance if a person whose father is a farmer availing of the farm retirement scheme can avail of stamp duty reduction in view of the fact that he will not have the full 180 hours completed until September 1994; and if he will make a statement on the matter.
As the Deputy is aware, this year's Finance Bill provides for a very generous stamp duty relief for transfers of agricultural land and buildings to young farmers who meet certain training requirements. The transferee must have acquired a Teagasc certificate in farming or an equivalent educational qualification; or, if born before 1 January 1968, have three years experience in farming together with satisfactory completion of Teagasc farm management training courses of not less than 180 hours duration.
The training conditions are important to ensure that the relief is focused on transfers to suitably skilled farmers with a commitment to the practice of farming. Accordingly, there are no provisions whereby a person who has not completed the full 180 hours training on the date of execution of the deed may benefit from the stamp duty relief.
