James Browne (Wexford, Fianna Fail)
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80. To ask the Minister for Finance if contracts signed on or before 10 October 2017 will be subject to the increased stamp duty rate of 6% on farmland sales; and if he will make a statement on the matter. [44780/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that, in the absence of consanguinity relief (i.e. for property transferred between certain relatives) or the exemption on transfers of land to young trained farmers, stamp duty on a sale of farmland is treated as a transfer of non-residential property. A transfer of such property is charged at 6% of the consideration for conveyances executed on or after 11 October 2017.

The transitional measures referred to in my Budget speech will come into effect on the enactment of the Finance Bill. This means that where a binding contract was in place before 11 October 2017 and the subsequent deed of conveyance or transfer is executed before 1 January 2018, stamp duty will be chargeable at the lower rate of 2%.

Anyone who is affected by this measure and makes a stamp duty return to Revenue in relation to a transfer or conveyance of farmland before the enactment of the Finance Bill will be liable to pay the 6% rate of stamp duty introduced from Budget night, but will be able to claim a refund of the difference between the 2% and 6% rates after the Finance Bill is enacted. In the normal course of events, the Finance Bill is usually enacted before the end of December.

James Browne (Wexford, Fianna Fail)
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81. To ask the Minister for Finance the stage of a sale agreement at which stamp duty becomes payable; and if he will make a statement on the matter. [44781/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that stamp duty is chargeable on a conveyance or transfer on sale of a property. This happens when the interest in a property is transferred to or vested in a purchaser. The stamp duty is payable to Revenue 30 days after the execution of the instrument of sale or transfer. Execution of the instrument would be expected to happen at the final stage of the sale when the purchaser pays the full consideration to the seller.

James Browne (Wexford, Fianna Fail)
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82. To ask the Minister for Finance if he will address a matter (details supplied) regarding the 6% stamp duty rate on farmland sales; and if he will make a statement on the matter. [44782/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Finance Bill 2017 provides that the age limit applying to consanguinity relief for qualifying land transfers will be removed, allowing for greater freedom when transferring a family farm. Subject to enactment, this means that it will be possible for all gifts and sales of farmlands to closely related family members to benefit from consanguinity relief at a stamp duty rate of 1%. I can also confirm that the consanguinity relief is being extended for a further three years, this will further the policy objective of encouraging the early transfer of farms to younger generations. These measures should be of interest to the individuals referenced by the Deputy.