Written answers

Tuesday, 16 December 2014

Department of Finance

Tax Reliefs Eligibility

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail)
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234. To ask the Minister for Finance the changes in stamp duty in respect of agriculture in the Finance Bill 2014 and arising from the recent budget; and if he will make a statement on the matter. [48396/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Finance Bill 2014 contains a number of farm taxation measures that arose from the recommendations in the Agri-taxation Review Report. In relation to stamp duty, two specific measures are included:

The extension of stamp duty relief for non-residential land transfers between certain close relatives generally referred to as consanguinity relief. The relief will continue, in relation to the conveyance of land executed on or after 1 January 2015 and before 1 January 2018.  Farmers of any age who may wish to transfer their land to a close relative have an opportunity to do so before 1 January 2016. Thereafter, the relief will only be available where the farmer transferring the land is aged 66 years or under. The relative who acquires the land or a person to whom the relative may lease the land for a period of not less than 6 years, must be either a farmer with an agricultural qualification or a farmer who spends not less than 50% of his or her normal working time farming the land on a commercial basis and with a view to the realisation of profits.

Relief from stamp duty on agricultural leases.This relief applies to leases for a period of not less than 6 years and not more than 35 years. The land must be used exclusively for farming carried on by the lessee. The lessee who acquires the lease of the land must be either a farmer with an agricultural qualification or a farmer who spends not less than 50% of his or her normal working time farming on a commercial basis and with a view to the realisation of profits. This relief is subject to a Commencement Order pending clarification of EU State Aid issues.

The Revenue Commissioners will issue a detailed Guide to the various farm taxation measures once the Finance Act 2014 is enacted.

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