Michael Healy-Rae
Question:103. Deputy Michael Healy-Rae asked the Minister for Finance to address a query in respect of stamp duty (details supplied); and if he will make a statement on the matter. [7057/24]
View answerWednesday, 14 February 2024
Questions (103)
Written answers
Section 81AA of the Stamp Duties Consolidation Act 1999 provides for a relief from stamp duty in respect of transfers of agricultural land to young trained farmers, where certain conditions are met.
The main conditions for the relief are that the individual acquiring the land (the “transferee”):
• is under 35 years of age on the date of execution of the deed of transfer of the land,
• holds a trained farmer qualification (as defined in section 654A of the Taxes Consolidation Act 1997),
• intends to spend not less than 50% of their normal working time farming the land for a period of not less than 5 years from the date the land is transferred, and
• retains ownership of the land for a period of at least 5 years from the date of the land is transferred.
As a general rule, the transferee must hold a trained farmer qualification on the date of execution of the deed of transfer of the land. However, I am informed by Revenue that a transferee who becomes the holder of a trained farmer qualification within 3 years after the date on which the deed transferring the land is executed will be entitled to a refund of the stamp duty paid on the transfer, provided all other qualifying conditions are met. The date a person becomes the holder of a qualification is the date of the award of the qualification.
The requirement that the transferee is under 35 years of age applies on the date of execution of the deed of transfer. Therefore, a transferee who is 35 years of age or more who becomes the holder of a trained farmer qualification within 3 years from the date on which the deed transferring the land is executed , will qualify for a refund of stamp duty under section 81AA provided all other conditions are met.
Further guidance on the operation of young trained farmer relief is available at: www.revenue.ie/en/tax-professionals/tdm/stamp-duty/stamp-duty-manual/part-07-exemptions-and-reliefs-from-stamp-duty/section-81aa-transfers-of-land-to-young-trained-farmers.pdf.