Michael Healy-Rae
Ceist:67. Deputy Michael Healy-Rae asked the Minister for Finance if he will address a matter (details supplied) regarding the rise in stamp duty; and if he will make a statement on the matter. [44406/17]
Amharc ar fhreagraThursday, 19 October 2017
Ceisteanna (67)
Freagraí scríofa
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.
Transitional arrangements for signed contracts would apply. These are likely to be the normal changes that apply in relation to stamp duty changes.
Details of these measures will be contained in the Finance Bill.