The relief under Stamp Duty for young trained farmers will continue until December 31, of 2022, Budget 2022 has outlined.
Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath are delivering Budget 2022 today (Tuesday, October 12), in which the finance minister confirmed that the relief will continue.
Stamp Duty relief for young trained farmers provides for an exemption from Stamp Duty on either the transfer or purchase of land where the recipient is a trained farmer under the age of 35.
Meanwhile, the stock relief – which takes the form of a tax deduction in respect of increases in the value of farm trading stock – will also continue for young farmers.
Farmers are entitled to a standard stock relief of 25%, though young farmers can avail of a 100% relief, subject to certain limits.
Farm partnerships can avail of stock relief of 50%, also subject to certain limits.
These reliefs come under EU state aid rules, and are due to expire on December 31, 2022.
However, Minister Donohoe said that the Department of Agriculture, Food and the Marine had informed him that reliefs of this type will continue to be considered by the EU after that date.
The minister added that he was confident that the reliefs could be extended again next year.
As Agriland reported earlier, Budget 2022 is expected to ensure some €650 million funding for the rollover of current farm schemes.
This funding will see the continuation of key schemes including: the Green, Low-carbon, Agri-environment Scheme (GLAS); Areas of Natural Constraints (ANC); the Beef Data and Genomics Programme (BDGP), the Beef Environmental Efficiency Programme – Sucklers (BEEP-S); the Targeted Agricultural Modernisation Scheme (TAMS); and the Sheep Welfare Scheme.
The funding allocated for next year is to tide over farm schemes until the beginning of the new Common Agricultural Policy (CAP) in 2023.
Stay tuned to Agriland to see how the funding in Budget 2022 will be allocated to each scheme, as well as other measures relating to farming and agricultural activity.