Michael Healy-Rae
Question:258. Deputy Michael Healy-Rae asked the Minister for Finance if consideration will be given to a matter (details supplied); and if he will make a statement on the matter. [42761/23]
View answerTuesday, 3 October 2023
Questions (258)
Written answers
The current stamp duty rate for non-residential property, which includes agricultural land, is 7.5%.
Farming is first and foremost a business, and section 655 of the Taxes Consolidation Act 1997 states "For the purposes of the Tax Acts, farming shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains of farming shall be charged to tax under Case I of Schedule D. " It is therefore appropriate for acquisitions of farmland to be subject, in the normal course of events, to the rate of stamp duty applicable to other non-residential property.
However, in respect of agricultural land, there are a range of generous and targeted reliefs from stamp duty, specific to that type of property, which remove in full or reduce the rate of stamp duty payable on the acquisition of farmland, currently available. These include the young trained farmer stamp duty relief, consanguinity relief and farm consolidation relief. These reliefs are kept under regular review by my department, and are renewed, updated and added to in line with Government policy and prevailing circumstances, when necessary.