Stamp Duty

Dáil Éireann Debate, Tuesday - 17 October 2017

Tuesday, 17 October 2017

Ceisteanna (116, 135, 142)

Robert Troy

Ceist:

116. Deputy Robert Troy asked the Minister for Finance his plans to retain the 1% rate of stamp duty on family transfers. [43673/17]

Jackie Cahill

Ceist:

135. Deputy Jackie Cahill asked the Minister for Finance the estimated impact the 4% increase in stamp duty announced in the budget for non-residential property will have on the purchase of agricultural land; and if he will make a statement on the matter. [43701/17]

Brendan Smith

Ceist:

142. Deputy Brendan Smith asked the Minister for Finance if his attention has been drawn to concerns about the imposition of a 6% stamp duty rate on farmland sales; if specific measures will be introduced to alleviate such financial burdens on farmers with small or medium sized land holdings who need to expand or consolidate their farms; and if he will make a statement on the matter. [43985/17]

Freagraí scríofa

Minister for Finance (Deputy Paschal Donohoe)

I propose to take Questions Nos. 116, 135 and 142 together.

In my Budget 2018 statement I announced an increase in the stamp duty rate for all non-residential property transactions, including agricultural land, from 2% to 6%. On the recommendation of the Minister for Agriculture, Food and the Marine I also extended consanguinity relief for another 3 years and provided that the stamp duty rate applying under that scheme will be fixed at 1%. Consanguinity relief is availed of in transferring farms to younger family members. It encourages the early transfer of farms to younger generations and is mostly relevant where the transferee does not qualify for an alternative relief such as the Young Trained Farmer stamp duty exemption.

Details of these measures will be contained in the Finance Bill.