Fianna Fáil TD Robert Troy has said that his party has secured agreement from the Minister for Finance to waive the 67 years or under limit on transferring farm land to family members to allow them avail of the current 1% Stamp Duty rate.
“There has been a lot of disquiet among farm families since Budget 2018 was announced last week and the decision to increase Stamp Duty on farmland sales from 2% to 6% overnight.
“This decision has caused serious concern in farming circles, and Fianna Fáil, conscious of the need to protect family farms, has engaged with Minister Donohoe to secure a waiving of the 67 year old upper limit for the next three years to allow older generations of farmers transfer their land at a reduced Stamp Duty rate.
“If the 6% rate had been implemented, it may have caused many farmers to reconsider whether it was advantageous for them to transfer to the next generation of farmers in their family.
“This could have had very serious repercussions for the Irish farming industry. A lot of work has taken place over the past five years to entice older farmers to transfer their land to their sons and daughters.
“The Budget 2018 proposals, as first announced, would have stalled this good work.
“Fianna Fáil saw the problem, and worked to secure a waiver to allow farmers transferring land to members of their own family obtain the 1% Stamp Duty waiver.
“This waiver will only last for three years so it is important that those considering transferring land start the process sooner rather than later to ensure that they avail of the 1% rate,” concluded Troy