Budget 2021: Stamp Duty reliefs for farmers extended beyond this year
Stamp Duty reliefs for farmers, which were due to expire at the end of this year, will be extended for two to three years, according to Budget 2021.
Announcing the budget today (Tuesday, October 13), Minister for Finance Paschal Donohoe said the Consanguinity Relief from Stamp Duty for farmers will be extended until the end of 2023.
Meanwhile, the minster also confirmed that Consolidation Relief will be extended until the end of 2022.
According to the Department of Finance’s Tax Strategy Group papers, which were released last month, both reviews were been submitted to the minister for his consideration in advance of the budget.
Consolidation Relief allows relief from Stamp Duty when land transactions are used to consolidate fragmented farmland. Consanguinity Relief allows relief from Stamp Duty for land transaction between certain relatives.
For both reliefs, the standard stamp duty rate of 7.5% for non-residential property is reduced to 1%.
The Tax Strategy Group noted in its papers that the continuation of both reliefs is strongly supported by both farmer organisations and the Department of Agriculture, Food and the Marine.