Farmers urged not to miss out on Stamp Duty relief

Ifac, Ireland's farming, food and agribusiness specialist professional services firm, is reminding young trained farmers across the Midlands not to miss out on Stamp Duty Relief.

A recent update from Revenue means that young trained farmers who are farming through a company can now qualify for 0% Stamp Duty relief on the transfer of agricultural land.

The update now allows young trained farmers to avail of Stamp Duty relief as long as they also meet the following conditions:

* The transferee is under 35 years of age on the date of the deed transfer

* The transferee holds a relevant agricultural qualification

* The transferee does not spend less than 50% of their normal working time farming the land for a minimum of 5 years from the date of transfer

James Farrell, Partner at ifac’s Tullamore office said:

“At Ifac, we welcome this change as it supports young farmers entering into companies and ultimately improves their ability to grow their farms and communities through a lower tax cost of funds retained in the company to acquire more land, more machinery and more stock.

“The relief can be lost or clawed back in certain circumstances, and the consequences of this are potentially costly. As is always the case in tax matters, it is advisable to seek advice well in advance of any sale or purchase. Your accountant will explain the options and how best to structure transactions to minimise your tax liability.”

Ifac has been at the heart of agriculture and food since 1975, providing a quality service and expert advice to its farming, food, and agri-business clients across the country. A top ten accountancy firm, ifac has over 30 locations nationwide and 500 people serving 22,000 clients.