The Fine Gael Seanad spokesperson on agriculture, food and the marine has welcomed the extension of consanguinity relief for farmers under stamp duty, which was announced in Budget 2024.
Speaking in response to the budget announcement yesterday (Tuesday, October 10), Senator Tim Lombard said that the continuation of that relief is “vital” for the farming community.
“I welcome the extension of consanguinity relief for five years, which supports the transfer of farms from one generation to the next. This will provide more certainty for farmers as they make plans for the future,” he said.
“This is a vital measure to ensure the future of our farming communities and our rural areas.”
Minister for Finance Michael McGrath confirmed yesterday that consanguinity relief on stamp duty would be extended for five years.
The relief provides for a 1% rate of stamp duty to be applied on the transfer of agricultural land – by sale or purchase, exchange or gift – if it is made to certain close relations including a husband, wife, child, stepchild, nephew, or niece.
Lombard also welcomed a boost in payments for sheep farmers, in the amount of €20/ewe.
Under Budget 2024, there will be an additional payment for sheep farmers which, together with the current sheep welfare scheme payments, will result in a payment equivalent to €20/ewe next year.
Lombard commented: “The sheep sector has been under pressure in recent years and the increase in payment per ewe to €20 is a very positive step. This boost in payment will help to ensure a more sustainable sheep sector.”
According to the Fine Gael senator, Budget 2024 “shows that there is a clear will to acknowledge and understand the issues in our rural villages and towns and I am encouraged that there is also a will there to work towards delivering viable solutions, which foster growth and prosperity”.
Lombard said that the farmers would also benefit from other, non-agriculture-related budgetary measures, including cuts to tax and the Universal Social Charge (USC).
“This is the 10th budget in a row [where] this has happened, to reward work and help people to keep more more of their hard-earned wages,” he said.