This exemption can apply in circumstances where agricultural land is gifted and where agricultural land is sold.
The current rate of stamp duty for non-residential property is 2%. Where the exemption applies, no stamp duty is payable which can save young trained farmers significant sums of money.
The conditions for qualifying for this exemption are similar to those for qualifying for Agricultural Relief in respect of Capital Acquisitions Tax.
A young trained farmer must;
- At the time of execution of the deed of transfer be under the age of 35.
- Have attained a necessary qualification –Green Certificate, Teagasc Course etc. The applicable qualifications are extensive and further information can be found in the booklet at https://www.revenue.ie/en/tax-professionals/tdm/stamp-duty/stamp-duty-manual-replacement/part-07-exemptions-and-reliefs-from-stamp-duty/section-81aa-transfers-of-land-to-young-trained-farmers.pdf
- Not sell the land within 5 years from the date of execution of the deed of transfer and spend 50% of their normal working time farming the land.
If a property is being transferred into joint names this exemption may still be claimed but only if all of the named owners satisfy the conditions set out above.
It may also be possible to claim the Young Trained Farmer Exemption up to 4 years after the stamp duty was paid if a necessary qualification was subsequently obtained.
It is important to note that if false information is provided in order to claim this relief that a penalty of 125% of the stamp duty which the applicant would have been liable for had they not availed of the exemption will apply.
For further information on transferring agricultural land and availing of the Young Trained Farmer Exemption please contact Thomas Norris on 051 877029 or firstname.lastname@example.org