The proposed changes to the stamp duty as spoken about in last week’s budget have now been changed.
Budget 2017 announced that stamp duty on sales of non residential land would rise from 2% to 6%.
The upper age limited of 67 will be scrapped for inter family ‘consanguinity’ relief and will be reviewed again in a number of years.
The cabinet met this morning to discuss the matter and agreed to put exemptions in place.
Gifts and sales of farmland to close family member who wont qualify from the 100% exemption can benefit from the consanguinity relief at 1%.
The consanguinity relief was previously available only if the giver of land was aged 67 or under. That age limit has now been removed.