Stamp duty row takes another twist

Irish Independent - Farming - - NEWS -

SIG­NIF­I­CANT con­cerns re­main among farm­ers in re­la­tion to the tran­si­tional ar­range­ments put in place to deal with the rise in stamp duty for farm­land, the ICMSA has warned.

Lor­can McCabe, Busi­ness Chair with the ICMSA, said farm­ers who have pur­chased land at auc­tion, paid the de­posit but have not yet signed the doc­u­ments should be al­lowed qual­ify for the 2pc stamp duty rate.

“The pro­posal that the sale must be com­pleted by year end while, in the­ory, sound­ing rea­son­able ig­nores the re­al­ity that, in prac­tice, de­lays out­side of the con­trol of the farmer can of­ten oc­cur usu­ally in re­la­tion to le­gal mat­ters.

“It would be grossly un­fair if a farmer suf­fered an ef­fec­tive 4pc penalty due to cir­cum­stances ab­so­lutely out­side of his or her con­trol,” he said.

Mr McCabe said that the im­po­si­tion of the 6pc stamp duty on fu­ture land sales was, in it­self, a ma­jor blow to farm­ers seek­ing to re­struc­ture or build their hold­ing.

Pres­i­dent of the Law So­ci­ety, Stu­art Gil­hooly, has writ­ten to Mr Dono­hoe to com­plain about “ab­surd and un­fair” tran­si­tional ar­range­ments.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.