If you qualify for Consanguinity Relief, it reduces the Stamp Duty payable by you
from 7.5% to 1%. The Relief is available when transferring farmland between
certain family members.
To qualify for the Relief, you need to be: –
- Related to the transferor. Related people include parents, grandparents, step-parents, children, siblings, half siblings and of course nieces and nephew. The Relief currently runs until the 31st December 2023.
- Furthermore, you must farm the land yourself for at least six years from the date of the transfer or in the alternative, lease the land to someone for a minimum of six years so they can farm it.
The person farming the land must do one of the following: –
- Hold a specified qualification or have obtained one no more than four years from the date of the transfer of the land. You can also have spent at least 50% of your time farming the land including this land transfer.
- If you are a Young Trained Farmer under 35 years of age who holds a relevant agricultural qualification that Revenue Relief currently allows a total Stamp Duty exemption. To qualify for this, you also have to submit a business plan to Teagasc, be registered for Income Tax and be the head of the farm holding. Furthermore, you must spend at least 50% of your normal working time farming the transferred land and retain ownership of that land for a period of at least five years from the date of transfer.
You can contact McCormack Solicitors on
Phone: 071 9621846
The contents of these pages are provided as an information guide only. While every effort is made in preparing material for publication no responsibility is accepted by or on behalf of McCormack Solicitors for any errors, omissions or misleading statements on these pages or any site to which these pages connect.