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Fianna Fail Claims Stamp Duty Victory For Irish Farmers

by Jason Gorringe, Tax-News.com, London

21 November 2017


Irish opposition party Fianna Fail has said that the Government has agreed to exempt farmers from a proposed increase to the stamp duty rate on non-residential property transactions.

Finance Minister Paschal Donohoe announced in his Budget that the stamp duty on non-residential property transactions would rise from two percent to six percent, effective midnight on October 10. A refund scheme was announced for commercial land purchased for the development of housing.

The Government faced criticism for failing to extend the refund for property developers to farmers.

Fianna Fail has now claimed that it has secured government support for changes to the 2017 Finance Bill that will extend the current capital gains tax (CGT) exemption for farmers to stamp duty transactions.

Jackie Cahill, the party's spokesperson on horticulture and food, said: "There currently is a capital gains tax relief for farmers wishing to re-organize and consolidate their farms. When a farmer sells land that is far away from the core farm and replaces it with land closer to home, relief is given on the capital gains on the sale of the initial piece of land."

Cahill added that Fianna Fail had "engaged with the Department of Finance to explore whether this relief or something similar could be extended to stamp duty."

"The acceptance by the Government that the CGT exemption for farmers should be extended to stamp duty is welcome. Fianna Fail fought hard for these amendments, and we expect all parties in the Dail [parliament] to support them, and ensure that farmers are not penalized for trying to improve their profitability," Cahill said.

TAGS: capital gains tax (CGT) | tax | Ireland | food | tax rates | stamp duty | tax reform

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