Since the increase in the standard Stamp Duty rate to 7.5pc in Budget 2020 the value of the two special Stamp Duty schemes for farmers has come in for more scrutiny. For example, a transfer of a typical farm worth €800,000 could cost up to €60,000 in Stamp Duty were it not for the reliefs. Farmers contemplating a transfer where the exemption scheme may not be an option are advised to have the transfer completed before the December deadline. Stamp Duty exemption schemeThis scheme provides an exemption from Stamp Duty up to a maximum saving of €70,000 on land transfers and purchases. The €70,000 limit applies to a combination of the cash value of the Stamp Duty relief, the 100pc Stock Relief scheme and the Succession Partnership scheme.

Source: Irish Independent June 22, 2020 06:22 UTC