Farm Ireland
Independent.ie

Saturday 16 December 2017

Stamp Duty hike to cost farmers €12m - Fitzmaurice

Margaret Donnelly

Margaret Donnelly

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.

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"Fine Gael were alleged to be the farmer's party, but last night they signalled out where they stand and sat on their hands when it was put to the floor last night."

"The farming community needs to be looked after. We need to keep people buying bits of land, not making it dearer." He also said that his motion, which was defeated in the Dail after the Budget, was reasonable but was not supported by Fianna Fail.

He also said he is seeking clarification on whether people who are over 40 and don't have a Green Cert will be excluded from the 'consanguinity' relief and will now also be hit by the Stamp Duty hike.

The Minister for Agriculture Michael Creed has tried to downplay the impact of the Stamp Duty hike, telling Tipp FM this morning that the majority of land transactions in Ireland are either subject to the young trained farmer or consanguinity relief, whereby the purchaser pays 0pc or 1pc of the total cost respectively.


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