Stamp duty reduction will help boost farmland sales, says minister

ONLY 0.5% of total farmland is offered for sale annually, and prices are far too high, said Agriculture Minister Simon Coveney last week, explaining the immediate budget cut in stamp duty on farmland from 6% to 2%.

Half the rate, or 1%, will be applicable on transfers to close relatives until the end of 2014.

“It should stimulate a stagnant land market,” said Mr Coveney.