Stamp duty row takes another twist
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.