Marcella welcomes clarity on agricultural land stamp duty
Offaly Fine Gael TD and member of the Joint Oireachtas Committee on Agriculture, Food and the Marine, Marcella Corcoran Kennedy has welcomed clarification from the Minister for Finance and Public Expenditure, Paschal Donohoe TD and Minister for Agriculture, Food and the Marine, Michael Creed TD that stamp duty measures on agricultural land transactions will continue to support family farms.
“I was contacted by local farmers and farm representatives following the announcement of Budget 2018 earlier this month who expressed genuine concerns regarding proposed stamp duty changes. I have held extensive discussions with Ministers Creed and Donohoe in recent days as part of my work on the Joint Oireachtas Committee on Agriculture, Food and the Marine," Marcella told us.
“I am pleased that Minister Donohoe has confirmed that the 1% rate for transactions relating to the family farm has been retained. I particularly welcome that the age limit of 67 for the transfer of the family farm to a family member has also been lifted. These measures are accompanied by the existing stamp duty relief for Young Trained Farmers which provides a complete relief from stamp duty," she added.
“This Budget is helping to sustain and protect the family farm by ensuring lifetime transfers of land within families whether by gift or sale are supported by the tax code. Fine Gael is determined to assist with the succession and the inter-generational transfer of family farms and I welcome these provisions in the Finance Bill 2018.”
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