As minds begin to focus on tax in the lead in to the budget, this blog is a timely reminder that the stamp duty relief for young trained farmers has been extended until the 31st December 2015. The relief had been due to expire on the 31st December 2012 and while Michael Noonan made no mention of it in his budget speech last year, thankfully s. 79 of the Finance Act, 2013 extended the relief for a further 3 years. To recap, there is a complete exemption from stamp duty for agricultural property whether acquired by way of gift or purchase where the “farmer” complies with the following conditions;
1. The farmer must be less than 35 years old on the date of execution of the Deed
2. He must have attained (or in some circumstances be in the course of attaining)an appropriate agricultural qualification. Click here to access such approved qualificiations.
3. For a period of 5 years from the date of the Deed, the farmer must (i) spend not less than 50% of his/her normal working time farming the land, and (ii) retain ownership of the land.
For further information contact Fergal McManus, Solicitor and Chartered Tax Adviser, Morgan McManus Solicitors 047 51011