Wednesday, 28 January 2004

Questions (107)

Ned O'Keeffe

Question:

219 Mr. N. O'Keeffe asked the Minister for Finance the criteria needed by a young farmer to qualify for an exemption from payment of stamp duty on the transfer of the family farm from mother to son. [2487/04]

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Written answers (Question to Minister for Finance)

Under section 81 of the Stamp Duties Consolidation Act 1999 there is full stamp duty relief available for young trained farmers when land is being transferred by way of gift or sale. The availability of the relief was extended in Budget 2003 for a further three years to 31 December 2005.

A number of conditions must be satisfied in order to obtain the relief. The main conditions require a young trained farmer to be under 35 years of age at the date of execution of the transfer. They must also hold one of the relevant specified qualifications such as a degree in agricultural science awarded by the NUI through University College Dublin.

Further details regarding the conditions associated with the relief may be obtained from the Revenue form SD 2 entitled stamp duty relief on transfers of land to young trained farmers. It is available from the Revenue Commissioners, Dublin Castle, Dublin 2 or by telephoning Locall 1890 482 582. Where a parent wishes to transfer agricultural land to their child who does not satisfy the young trained farmer relief conditions, he or she can qualify for a 50% relief on the stamp duty.