Vol. 518 No. 6
253 Mr. Creed asked the Minister for Finance the reason a person (details supplied) in County Cork, who is a qualified young farmer with a green certificate, was obliged to pay stamp duty on the transfer of the family farm to him. [12699/00]
I am informed by the Revenue Commissioners that at the time the instrument transferring the lands in question was presented for stamping young trained farmer relief was applied for and subsequently granted to the applicant. The relief, which was due to terminate on 31 December 1999 but extended in my budget speech on 1 December 1999 until 31 December 2002, amounted to a reduction of two-thirds of the duty that would otherwise have been payable. Furthermore, in addition to applying that relief consanguinity relief also applied as the lands were being transferred between family members. These combined reliefs reduced the effective rate of stamp duty from 6% to 1%.
I am further informed by the Revenue Commissioners that the introduction of full relief from stamp duty for young trained farmers arising out of the discussions on the Programme for Prosperity and Fairness and which is provided for by the Finance Act, 2000, applies only in respect of instruments executed on or after 1 January 2000. In the particular case referred to by the Deputy, as the instrument transferring the lands in question was executed on 31 December 1999 the full relief cannot apply.
