The stamp duty rate increases have been much discussed and slated the past few weeks, with the government now moving to exclude farm families from the increased rates.
The stamp duty rate was increased at this year’s budget, from 2% to a high 6%, leading to widespread disgruntlement in the agricultural world. Following the much publicised disappointment among farmers, the government are set to introduce exemptions to the rate increases for farming families. The news comes after the Minister for Finance, Pascal Donohoe, received widespread criticism for the announcing of the changes.
Talks were held this week, between Donohoe and Minister for Agriculture Food and the Marine, Michael Creed. After holding these talks it was decided that farm families should be exempt from the proposed increased stamp duty rates of 6%. Minister Donohoe and Minister Creed met on Friday in Cork, following the recent confusion over the increased rates.
In the budget, it was announced that the new rates would not apply to any family sales, where the seller is under the age of 67. It was confirmed by government sources, last night, that this could be increased if not removed altogether. Some reports suggest that this might only be in action for a limited period of time. The aim of this is to encourage these inter-family sales, which may have already been under consideration pre-budget.
Work is currently underway to implement these changes, with an announcement expected on Thursday at the latest.