Revenue updates young farmer stamp duty relief

An updated guidance document on stamp duty relief for young trained farmers has been released by Revenue.

The updated document was released last Thursday, May 2. It gives further detail on the specifics relating to stamp duty relief on the transfer of land to young, trained farmers.

The document contains further details on specifics such as:
  • The interaction of consanguinity relief and young trained farmer relief;
  • Examples on the calculation of the amount of state aid granted to a young trained farmer in the context of the lifetime ceiling of €70,000 on certain farming-related tax reliefs;
  • Further clarity on the operation of certain EU regulation qualifying conditions for young trained farmer relief.

To be eligible for relief from stamp duty on the transfer of an interest in agricultural land, farmers must be under 35 years-of-age and hold a relevant agricultural qualification.

A transferee must intend to spend at least 50% of his or her normal working time farming the transferred land, and retain ownership of that land for a period of at least five years from the date of execution of the deed of transfer.

According to the document, young trained farmer relief can be clawed back where ownership of the land is not retained for the required five-year period.

For the purposes of young trained farmer relief, farming includes producing crops and raising livestock such as cattle or sheep but does not include the breeding of horses.

A link to the full 27-page document is available here.