Michael Healy-Rae (Kerry, Independent)
Link to this: Individually | In context | Oireachtas source

251. To ask the Minister for Finance the reason stamp duty is 6.5% when buying farmland; and if he will make a statement on the matter. [29500/23]

Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The rate of stamp duty that applies to the acquisition of non-residential property, a category that includes farmland, has, since 9 October 2019, been set at 7.5%.

All land (as opposed to buildings and their sites/curtilages), including agricultural land, is classified as non-residential property for stamp duty purposes.

Any re-categorisation of agricultural land as residential property (which is subject to a stamp duty rate of 1% on value up to and including €1 million, and 2% on any value above that), or as some third form of property, for the purposes of stamp duty would be inconsistent with the application of stamp duty to other forms of business.

It may interest the Deputy to know that there are a number of stamp duty related reliefs which are currently available to the farmers. These reliefs considerably reduce the applicable rate on agricultural land for qualifying acquisitions. These reliefs include Farm Consolidation Relief, Young Trained Farmer Stamp Duty Relief and Consanguinity Relief.