The purpose of this exemption is to encourage the transfer of agricultural land from one generation to the next. Agricultural land includes the land, farm houses, and farm buildings.
qualifying conditions
There are a number of conditions that must be complied with by the young farmer at the date of the execution of the deed of transfer:
- The “young trained farmer” must be under 35 years of age;
- He/she must have attained one of the necessary qualifications as listed in the Revenue leaflet (e.g. he/she must be the holder of the appropriate certificate(s) awarded by the Further Education and Training Awards Council (FETAC) in respect of Teagasc approved training courses);
- The farmer must undertake to spend not less than 50% of his/her working time farming the land after the transfer; and
- The land cannot be sold for five years.
Important matters to note:
- If the land is being transferred into joint ownership, all joint owners will need to satisfy the criteria set out above.
- If the land is being transferred to a young trained farmer that has a restricted learning capacity, a letter from Teagasc will need to be furnished to the Revenue Commissioners confirming in their capacity satisfactory completion of a Teagasc approved course for those who in the opinion of Teagasc are restricted due to physical sense or intellectual disability or mental health.
tax considerations
Note: in relation to stamp duty, there is a full exemption from stamp duty in the case of a transfer to a young trained farmer.
