New farm stamp duty measures from August
CORK North West TD Michael Moynihan has welcomed news that stamp duty measures for farm consolidation that had been demanded by Fianna Fail will come into force from the start of August.
Deputy Moynihan and other TD’s led a campaign that has resulted in Finance Minister Paschal Donohoe agreeing to Fianna Fáil proposal for a 1% stamp duty rate fro farm consolidation. This will apply where a land transaction qualifies for a Farm Restructuring Certificate for the purpose of capitals gains tax relief and farm restructuring.
“The Government’s proposal would have seen a rise from 2% to 6% for acquisitions between family members. This would have severely limited the ability of older farmers to pass on their land in a cost effective way to younger generations,” said Deputy Moynihan.
He said the move had caused a public outcry, prompting the Fianna Fáil parliamentary party to unanimously oppose measure and seek an alternative.
“Along with agriculture spokesperson, Charlie McConalogue and TD for Tipperary, Jackie Cahill, I met with department officials and secured support from the government to have our proposal implemented,” said Deputy Moynihan.
“This is a major victory for family farmers but it demonstrates how out of touch Fine Gael Ministers are with rural Ireland. Fianna Fáil will ensure through the Confidence and Supply Arrangement that the needs of rural Ireland and of family farms are kept front and centre,” he added.