Farm lease - stamp by revenue

mickdw

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.

Donald Trump

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

mickdw

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.

Justjens

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

Stamp fee is minimal.

mickdw

https://www.boards.ie/discussion/comment/118139088#Comment_118139088

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

Tileman

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.