Stamp Duty Exemption on Transfer of Land to Young Trained Farmers

By gormleysolicitors, Wednesday, 2nd October 2013 | 0 comments
Filed under: Conveyancing, Conveyancing Agricultural Property.

Stamp Duty Exemption on Transfer of Land to Young Trained Farmers.

There is an exemption from stamp duty on the transfer of agricultural lands to young trained farmers. This exemption is available for deeds of transfer executed on or after the 2nd of April 2007 and on or before the 31st of December 2015.

 

In order to qualify for this exemption, certain criteria must be met:

 

  • The farmer must be less than 35 years old

  • The farmer must have attained one of the necessary qualifications as approved by the Revenue Commissioners and detailed in Revenue Commissioners leaflet SD2B

  • The farmer must be the holder of FETAC certificates in respect of approved Teagasc training courses.   

In order to avoid a "clawback" of the stamp duty by the Revenue Commissioners, the farmer must:

  • spend at least 50% of his or her working time working the farm

  • and must not sell the land

for a period of five years from the date of execution of the deed of transfer.

 

If the property is being transferred into the names of more than one person, to hold the property jointly or as tenants in common, both of the tranferees must qualify as young trained farmers and must adhered to the conditions set out above. However, if the property is being transferred into the the joint names of spouses or civil partners, only one of the spouses or civil partners must be a qualified young trained farmer and must adhered to the conditions set out above.

 

For more detailed information on the above relief and how it may be applicable to the transfer of property to or from you, contact Daniel Gormley & Co. Solicitors.

 

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