No information is available as yet on the number of applications for the new stock relief incentive for farm partnerships, announced in Budget 2012, because this scheme will be applied for via the partnership’s tax return, and the returns for 2012 will not be submitted until 2013. Equally, the Budget 2012 changes to Capital Gains Tax retirement relief do not come into effect until after 31 December 2013, so information on the number of applications under the new provisions is not available.
The rate of stamp duty on transfers of non-residential property, which would also apply to agricultural land, was changed in Budget 2012, applying to property transactions executed on or after Budget night 6 December 2011. The previous six rates were replaced with a single rate of 2%. Figures of Stamp Duty on non-residential transactions are not captured in such a manner that would enable a breakdown to be provided between agricultural and non-agricultural transactions.
The available information on the numbers of claimants who availed of Stamp Duty reliefs on transactions in agricultural lands in 2010 and 2011 is as follows:
Relief
|
2010
|
2011
|
Transfer to Young Trained Farmer
|
1,170
|
865
|
Farm Consolidation (expired with effect from 30 June 2011)
|
45
|
55
|
Family Farm Transfer
|
14
|
15
|
Consanguinity relief
|
7,957
|
6,147
|
Commercial Woodland exemption
|
67
|
72
|
Transfer of site from parent to child (Abolished with effect from 8 December 2010)
|
3,003
|
839
|
Corresponding information is not available for the year 2012.