Young trained farmer relief is intended to encourage the transfer of land into the hands of a younger generation of farmers. The current relief is available for deeds of transfer executed between 02 April 2007 and 31 December 2018.
The current rate of stamp duty for non-residential property is 2%. Where the exemption applies, no stamp duty is payable which can save young trained farmers significant sums of money.
Agricultural land: including land, farm houses, and farm buildings.
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,
- Must have attained one of the necessary qualifications as listed in Revenue leaflet
- The farmer must undertake to spend not less than 50% of his/her working time farming the land after the transfer.
- The land cannot be sold for five years. The exemption granted will be clawed back if the land is disposed of within 5 years from the date of execution of the deed of transfer and is not replaced by other land within one year of disposal.
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.
The information set out above is to act as a guide and is no substitute for specific advice that you would receive from us The law and tax law is always changing and affects each person differently.