‘Use it or lose it’ stamp duty warning
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.