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Farm lease - stamp by revenue

  • 06-11-2021 7:23pm
    #1
    Registered Users Posts: 21,870 ✭✭✭✭ mickdw
    Registered User


    Ive inherited a small farm and have but a lease in place. I intend to avail of tax relief on the rental income.

    Ive just recently read on line that leases must be stamped by revenue. Is this correct?

    When I go on revenue site, qualifying leases are referred to has being in writing or evidenced in writing and for 5 year or more.

    Now the income tax relief will only crop up for 2021 tax return so next year but if lease needs to be stamped, I will need to do that asap to ensure I can properly claim the relief.

    Any knowledge of these things here? All advice appreciated.



Comments

  • Registered Users Posts: 15,372 ✭✭✭✭ Donald Trump
    Registered User


    If you lease for 6+ years I think there is a waiver for the stamp duty as well



  • Registered Users Posts: 21,870 ✭✭✭✭ mickdw
    Registered User


    Thanks.

    Yes I see there is an exemption on stamp duty fees but I'd query whether you still need to submit stamp duty return re the lease.

    It's all news to me to be honest.

    Will have to get professional advice.



  • Registered Users Posts: 576 ✭✭✭ Justjens
    Registered User


    Solicitor who draws up the lease will get it stamped, no need to have that done by tax deadline.

    Stamp fee is minimal.



  • Registered Users Posts: 21,870 ✭✭✭✭ mickdw
    Registered User


    Was in touch with my solicitor today. They are coming back to me on it.



  • Registered Users Posts: 770 ✭✭✭ Tileman
    Registered User


    I need to do one too as put new shed in farmyard which I still in my dads folio. Solicitor fee is 450€ which is very steep for a very simple transaction. Think I will do it myself. Any one else do similar.



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