Cabinet agrees to put exemption in place to remove age limit for the seller with regard to family farm transfers for next three years
The Cabinet has today agreed to put an exemption in place to remove the age limit for the seller with regard to family farm transfers for the next three years.
This will mean that it will be possible for all gifts and sales of farmlands to closely related family members, who do not qualify for the 100% exemption available under the Young Trained Farmer scheme, to benefit from inter-family land transfer relief at a stamp duty rate of 1%.
Under current rules, farmers up to 67 years old can pass on their land to family members at 1%.
Today the Cabinet agreed to lift the age limit for a period of time to facilitate inter-family transfers.
The decision will be reviewed at the end of 2020.