Dáil Éireann Debate, Tuesday - 4 November 2014
318. Deputy Tom Barry asked the Minister for Finance the changes in budget 2015 to the rate of stamp duty; the criteria for exemption from stamp duty; and the rates that apply if the consanguinity relief, which halves the stamp duty on sales of non-residential property to family members, has been extended in budget 2015. [41602/14]
View answerThere was no change in Budget 2015 in relation to the rate of stamp duty. The rate of stamp duty on non-residential property is currently 2%. Where consanguinity relief applies the rate of duty is one-half of this amount, i.e. 1%. Consanguinity relief was due to expire from the end of 2014. However, in Budget 2015, I announced the continuation of this relief for instruments executed prior to 1 January 2018, but only in respect of transfers or conveyances of land where the transferor has not attained the age of 66 years and the transferee
(a) spends not less than 50% of his or her normal working time farming the land on a commercial basis and with a view to the realisation of profits from the land and
(b) farms the land for a period of not less than 5 years.
The criteria for a variety of stamp duty exemptions differ depending on the particular exemption in question. The continuation of consanguinity relief, but on a more restricted basis, was one of the measures proposed by the Agri-taxation Review Report for the stated purpose of facilitating access to land by new entrants and providing support for young farmers.
