Stamp duty reliefs for farmers set to commence
It has been announced today that progress has been made on agri-taxation policy issues, as two stamp duty reliefs for farmers are set to commence in the coming weeks.
The news was confirmed by the Minister for Agriculture, Food and the Marine, Micheal Creed, and the Minister for Finance and Public Expenditure, Paschal Donohoe.
The ‘Agri-taxation Review’ – a joint initiative between the two departments – put in place a “comprehensive taxation strategy” for the sector, a statement explained.
The strategy included “specific policy objectives” to: increase the mobility and the productive use of land; assist succession; and complement wider agriculture policies such as environmental sustainability, the statement added.
In addition, administrative arrangements have now reportedly been finalised to allow commencement of the stamp duty relief for long-term leases.
The stamp duty relief for long-term leases is set to commence on July 1, while the stamp duty relief for farm consolidation is scheduled to commence on August 1.
Reacting to the news, Minister Creed explained that he is pleased that the commencement of the consolidation relief completes the package of measures he agreed with Minister Donohoe following the increase of the general stamp duty rate in the last budget.
“Consolidation relief is important environmentally and economically for farmers seeking to consolidate fragmented holdings.
“I am also pleased that we can introduce the stamp duty relief for long-term leases, which is part of a package of measures promoting long-term leasing and increases the mobility and the productive use of farmland.
This is especially important for young farmers and those seeking to increase the productivity of their farm.
Meanwhile, Minister Donohoe also added that he was pleased to commence these two measures, involving a stamp duty relief for farm consolidation and a stamp duty relief for long-term leases.
“The agricultural sector and the wider rural economy are vital to the success and well-being of our country.
“Both of these measures should work to support sustainable rural development, vibrant and sustainable communities and promote the productive use of farmland,” he concluded.