Stamp duty changes for family farms secured by FF comes into force on August 1st – Cahill
19 June 2018
Fianna Fail TD for Tipperary, Jackie Cahill has welcomed the news that stamp duty relief measures, demanded by him and his party, for farm consolidation will commence on August 1st.
Deputy Cahill played a key role in the campaign that led to the Minister for Finance agreeing to a Fianna Fáil proposal to allow for a 1% stamp duty rate for farm consolidation where a land transaction qualifies for a “Farm Restructuring Certificate” for the purposes of Capital Gains Tax Relief on 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.
“There was rightly a public outcry, and I secured support from the Fianna Fáil Parliamentary Party to oppose this measure and to secure an alternative.
“Along with Agriculture Spokesperson, Charlie McConalogue and Chief Whip, Michael Moynihan, I met with Department officials and secured support from the Government to have our proposal implemented.
“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,” concluded Cahill.