16 Mar, 2023

Stamp Duty Relief for Young Trained Farmers

Last week’s update from Revenue means that Young Trained Farmers who are farming through a company can now qualify for 0% Stamp Duty relief on the transfer of agricultural land. Our Head of Farm Support, Philip O'Connor outlines the changes below.

The current conditions for availing of Stamp Duty relief are:

  • The transferee is under 35 years of age on the date of the deed transfer

  • The transferee holds a relevant agricultural qualification

  • The transferee does not spend less than 50% of their normal working time farming the land for a minimum of 5 years from the date of transfer

The update now allows Young Trained Farmers to avail of this relief as long as they also meet the above conditions.

Ifac welcomes the above change as it supports young farmers entering into companies and ultimately improves their ability to grow their farms and communities through a lower tax cost of funds retained in the company to acquire more land, more machinery and more stock.

The relief outlined in this article can be lost or clawed back in certain circumstances, and the consequences of this are potentially costly. As is always the case in tax matters, it is advisable to seek advice well in advance of any sale or purchase. Your accountant will explain the options and how best to structure transactions to minimise your tax liability.