Dáil Éireann Debate, Tuesday - 9 May 2023
222. Deputy Claire Kerrane asked the Minister for Finance if he will provide an update on intentions to extend consanguinity relief, given the deadline for this relief is approaching and he indicated the measure would be extended in Budget 2023; and if he will make a statement on the matter. [21660/23]
View answerStamp duty consanguinity relief, which is available only in respect of farmland, is currently due to expire at the end of 2023. It serves to reduce the stamp duty rate applicable to the acquisition of farmland by qualifying individuals from the current standard rate on non-residential property of 7.5% to 1%. Qualification is primarily determined by the person acquiring the land being closely related to the person disposing of it, but other conditions also apply. It was last extended (by three years) in section 53 of Finance Act 2020.
My Department is currently preparing a report on consanguinity relief which will make recommendations as to its future in terms of whether it should be further extended, and if so for how long and in what form.
As part of this process the views of the main farming bodies, that is the IFA, the ICMSA and Macra na Feirme, have been sought, and I have also written to the Minister for Agriculture Food and the Marine to seek his views and those of his Department.
I expect to receive the aforementioned report for my consideration shortly, and I hope to announce my decision on the future of the relief at Budget time. I also expect that the report will be published at that time, and will include copies of any responses received from the farming bodies and the Minister for Agriculture Food and the Marine.
