Abolishment of Stamp Duty Relief for Under 35's

WexTK

Hey all,

I read that stamp duty relief for young trained farmers under 35 has been abolished in the Budget this week...

I'm 32, what's the incentive now for my father to transfer the farmland to me before I turn 35? Up to now, I saw a financial benefit in terms of Stamp duty relief to transfer before I turned 35.... now what's the point from a taxation point of view - none?!:rolleyes:

maxxuumman

From Macra web site:-

"Macra na Feirme national president Alan Jagoe has welcomed the clarification from the Minister for Agriculture on the renewal of young farmer stamp duty relief. Yesterday, Macra were dismayed to find that the Stamp Duty relief was not addressed in the budget. Macra thanked Minister Coveney for clarifying that the relief will be renewed and for his continued support for this measure and young farmers.

Mr. Jagoe said, “The retention of young farmer tax reliefs in their current format is critical to the ongoing restructuring of primary agriculture and allowing the industry to capitalise on future growth potential. We are delighted that the Government have recognised this in the budget.”

This measure is important to facilitate farm transfer and to support the next generation of Irish farmers."

WexTK

maxxuumman wrote: »

From Macra web site:-

"Macra na Feirme national president Alan Jagoe has welcomed the clarification from the Minister for Agriculture on the renewal of young farmer stamp duty relief. Yesterday, Macra were dismayed to find that the Stamp Duty relief was not addressed in the budget. Macra thanked Minister Coveney for clarifying that the relief will be renewed and for his continued support for this measure and young farmers.

Mr. Jagoe said, “The retention of young farmer tax reliefs in their current format is critical to the ongoing restructuring of primary agriculture and allowing the industry to capitalise on future growth potential. We are delighted that the Government have recognised this in the budget.”

This measure is important to facilitate farm transfer and to support the next generation of Irish farmers."

Cheers so it's staying then huh?
What I read in this weeks journal put the frighteners on me!:eek:

bogman_bass

yep. its staying. a bit of a mix up it seems. (thankfully!)

WexTK

bogman_bass wrote: »

yep. its staying. a bit of a mix up it seems. (thankfully!)

Bit of a reckless mix-up! More care needed in reporting at the very least IMO;)

grange mac

What is the saving? Is it a few % farm value less ??.

ppn

I know this has probably been discussed many times and maybe it is on a different thread does anyone know about the current process/costs involved for transferring a family farm to a son or daughter (qualified farmer) under 35 years of age?

The stamp duty relief remains thankfully (no cost?) and I take it that there are some solicitor's fees involved for the transfer?

If the farm was not transferred and left in a will in the future, would the son or daughter be liable for huge inheritance tax?

Any advice welcome...

Thanks

WexTK

ppn wrote: »

I know this has probably been discussed many times and maybe it is on a different thread does anyone know about the current process/costs involved for transferring a family farm to a son or daughter (qualified farmer) under 35 years of age?

The stamp duty relief remains thankfully (no cost?) and I take it that there are some solicitor's fees involved for the transfer?

If the farm was not transferred and left in a will in the future, would the son or daughter be liable for huge inheritance tax?

Any advice welcome...

Thanks

No stamp duty to be paid on death and you could still qualify for agri relief if your non agri assets on the date of death of your father/mother did not exceed 20 percent of the total value of the farm on the date of your fathers death (complicated isn't it) Main thing is if you are in no rush to have farm transferred before 35 and are prepared to wait til death of father/mother then you should be fine and main thing you'll be paying is solicitor fees as we all must. On solicitors, keep them on their toes if you don't know them well... some solicitors can be a bit slack I've found:rolleyes:

KCTK

WexTK wrote: »

Hey all,

I read that stamp duty relief for young trained farmers under 35 has been abolished in the Budget this week...

I'm 32, what's the incentive now for my father to transfer the farmland to me before I turn 35? Up to now, I saw a financial benefit in terms of Stamp duty relief to transfer before I turned 35.... now what's the point from a taxation point of view - none?!:rolleyes:

Clarrification was given the day after the budget on this, it will not be abolished, it will be in the Finance Bill as extended for another period so you will still be able to avail of it.

Timmaay

ppn wrote: »

I take it that there are some solicitor's fees involved for the transfer?

There was some stupid new ruling brought in (or just about to be brought in) that says ya can't use the same solicitor on both sides, which is ridiculous for many family situations where everyone just uses the one solicitor to do the whole lot. Two solicitors usually means double the price!

And the usual you should always shop around and agree a price with the solicitors before they do anything for ya, I've heard of some stinging you with a bill for Celtic tiger rates of pay afterwards :O

WexTK

Timmaay wrote: »

Two solicitors usually means double the price!

2 solicitors also leads to twice the confusion IMO