Willie Penrose
Ceist:52 Mr. Penrose asked the Minister for Finance if the stamp duty relief for agricultural land transferred from parents to children will continue in 1999; and if he will make a statement on the matter. [27864/98]
Written Answers. - Tax Reliefs.
Transfers of agricultural land between relatives attract stamp duty at half the normal rates of duty. There are no plans to abolish this relief.
In addition, section 112 of the Finance Act, 1994, provides for a reduction of two-thirds in the amount of stamp duty which would otherwise be chargeable on the transfer of agricultural land to a young trained farmer. This relief was introduced for a three year period and was extended for a further three years until 31 December 1999 in the Finance Act, 1997, in line with a commitment given in the Partnership 2000 for inclusion employment and competitiveness.
Consequently, the present relief for the transfer of agricultural land to young trained farmers will remain in place for the year 1999.