I am advised by Revenue that the transfer of a business and its associated assets within a family constitutes a conveyance on sale for stamp duty purposes. Stamp duty is payable by the person receiving the business assets. Where the business assets are sold or otherwise transferred for less than market value, section 30 Stamp Duties Consolidation Act 1999 imposes a charge to stamp duty at the market value of the assets transferred.
There are no reliefs that may apply in such cases. Family relationships are not relevant for stamp duty purposes, other than in the case of certain transfers of farmland between family members where a relief known as ‘consanguinity relief’ may apply. This relief applies a reduced rate of stamp duty of 1% to transfers of farmland between certain blood relatives provided certain conditions are met involving the active farming of the land on a commercial basis.