Stamp Duty hike to cost farmers €12m - Fitzmaurice
The hike in Stamp Duty on commercial land, which includes farmland, will cost farmers €12m, according to Independent TD Michael Fitzmaurice.
The Roscommon East/Galway TD said that he has been inundated with enquiries about the hike, which he said will cost farmers €12m in Stamp Duty.
He said that based on land sales last year of €300m, the 4pc hike would amount to €12m of a hit for farmers.
He also questioned what will happen transactions that haven't gone through, with buyers now facing extra costs. "I've had farmers on to me that are now facing an extra bill of €12,000 to €14,000 now from the Stamp Duty increase.
"Its baffling. I didn’t have a team behind me, like the Minister who misled everyone at the press conference.
"It's baffling to know how the Minister was given this advice. I had to scramble to get the correct advice from a solicitor and auctioneer."
Fitzmaurice also said that the move sends out a "bad message" to the farming community, but that he has not given up the battle on the issue.
"When the Finance Bill comes through I will go at it again to bring a bit of common sense into this.