Skip to main content
Normal View

Dáil Éireann debate -
Thursday, 15 Feb 2001

Vol. 530 No. 5

Written Answers. - Stamp Duty.

Jim Higgins

Question:

105 Mr. Higgins (Mayo) asked the Minister for Finance the rate of stamp duty payable in respect of the transfer of a farm from parents to a son or daughter. [4295/01]

The stamp duty rates applying to transfers of non-residential property, e.g. farm land, are as follows:

£

Rate

0 – 5,000

not liable

5,001 – 10,000

1%

10,001 – 15,000

2%

15,001 – 25,000

3%

25,001 – 50,000

4%

50,001 – 60,000

5%

Over 60,000

6%

However, transfers between blood relatives attract stamp duty at half the above rates of duty. This reduction would apply in the situation referred to by the Deputy, i.e. the transfer of a farm from parents to a son or daughter.
There is also a full stamp duty relief for young trained farmers on transfers of any type of agricultural land. Under the terms of the Programme for Prosperity and Fairness, this relief was increased from a two-thirds relief to a full relief in the Finance Act, 2000, for three years until 31 December 2002.
For the purposes of the relief a young trained farmer is one who is under 35 years of age at the date of execution of the transfer; and is the holder of one of the specified qualifications e.g. the Teagasc certificate in farming or if born before 1 January 1968, has three years experience in farming together with satisfactory completion of Teagasc training courses in agriculture and horticulture of 180 hours' duration.
Where the transferee has completed at least one academic year of the Teagasc certificate in farming at the date of execution of the transfer, he or she may obtain the relief by way of a refund provided that the qualification is obtained within three years of the date of execution of the transfer.
The aim of this relief is to promote lifetime transfers of land and encourage more young people to pursue farming. No other sector can avail of such a generous relief.
Top
Share