Stamp duty on farm land falls to 2%

A reduction in stamp duty on agricultural land from 6% to 2% should help stimulate the market for farming land, Minister for Agriculture and Food Simon Coveney said.

The Finance Bill provides for the rate of just 1% stamp duty on transfers to close relatives until the end of 2014.

“This change will substantially reduce the stamp duty payable on transfers of farm land by gift or by sale,” said Mr Coveney.