‘Use it or lose it’ stamp duty warn­ing

Irish Examiner - Farming - - MACRA -

Macra na Feirme na­tional pres­i­dent James Healy has en­cour­aged farm­ers to act on the pro­posed changes to stamp duty in the Fi­nance Bill, say­ing: “This is a three­year win­dow. Farm­ers need to use it or lose it.”

The re­moval of the up­per age limit of 67 for con­san­guin­ity re­lief pro­vides farm­ers with a win­dow of op­por­tu­nity to trans­fer farms within fam­i­lies and avail of the lower 1% rate.

The change to the up­per age limit in the Fi­nance Bill is a con­se­quence of the in­tro­duc­tion of the 6% rate of stamp duty on com­mer­cial trans­ac­tions. “This should be viewed as an op­por­tu­nity for farm­ers who missed out on the 100% Young Farmer Stamp Duty re­lief and who can now gift or trans­fer land to the next gen­er­a­tion for a three year win­dow,” said Mr Healy. “The re­moval of the up­per age limit of the trans­ferer should be re­garded as an amnesty al­low­ing farm­ers to avail of the one per­cent stamp duty. “How­ever we strongly feel that an up­per age limit should be re­in­stated after the cur­rent three year ex­ten­sion ex­pires.”

The in­tro­duc­tion of this 67-year age limit was a rec­om­men­da­tion in the Agri-Tax re­view to en­cour­age the ear­lier trans­fer of land. Macra’s po­si­tion re­mains that young farm­ers should be in con­trol of farms at as early a stage as pos­si­ble. The or­gan­i­sa­tion be­lieves the age de­mo­graphic of farm­ers is a chal­lenge and that tax­a­tion pol­icy that en­cour­ages the ear­lier trans­fer of land needs to be sup­ported and en­cour­aged.

Aw­beg Macra’s sec­re­tary Dan O’Callaghan, who com­peted in the Na­tional Fi­nals of the 2017 Best New Mem­ber Com­pe­ti­tion in Meath with his fans Ni­amh Cur­ran, Miriam O’Callaghan, Siob­hán Leamy, and Breda O’Ke­effe.

Enda Shalvey, Maud­abawn Macra, Ca­van, win­ner of the Best New Macra Mem­ber for 2017 with na­tional pres­i­dent James Healy.

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