stamp duty relief on transfer of land

ormondeboy3

Stamp Duty Relief

I have just turned 33 and have applied for entry to complete what was known historically as "the Green Cert" through Teagasc. The main purpose being to avail of stamp duty relief in relation to the transfer of land to young trained farmers.

A stipulation of this relief is that the person who the land is being transferred to must have an accredited farming qualification prior to the transfer of land.

Another stipulation is that the young farmer must be 35 years or younger at the time of the transfer.

I hope to begin this course in either September '08 or March '09 (depending on course availablity). The course is 18 months in duration. If I were to get offered a place on the September I would have the course completed before my 35th birthday (end of May, 2010).

However if I get offered a place on the March '09 course, I will not be finished until August 2010, which is a number of months after my 35th birthday.

My question is: Is there any way of accomodating this when applying for this stamp duty relief before I turn 35? ie Is it possible for the stamp duty relief to be processed pending the course being completed and the qualification acquired?

I know the stamp duty can be "paid back" to the young farmer if the qualification is acquired within 4 years.

My second question is what would the financial implications/burden be if this relief could not be excercised of at the time of transfer?

The farm would be valued around €1.7 million. With a house on it valued at around €400k. It is the family farm.

What would I,as the receiver of these lands, be liable for, if I was to receive them before I am 35 (without a suitable qualification).

Any help appreciated.

reilig

ormondeboy3 wrote: »

Stamp Duty Relief

I have just turned 33 and have applied for entry to complete what was known historically as "the Green Cert" through Teagasc. The main purpose being to avail of stamp duty relief in relation to the transfer of land to young trained farmers.

A stipulation of this relief is that the person who the land is being transferred to must have an accredited farming qualification prior to the transfer of land.

Another stipulation is that the young farmer must be 35 years or younger at the time of the transfer.

I hope to begin this course in either September '08 or March '09 (depending on course availablity). The course is 18 months in duration. If I were to get offered a place on the September I would have the course completed before my 35th birthday (end of May, 2010).

However if I get offered a place on the March '09 course, I will not be finished until August 2010, which is a number of months after my 35th birthday.

My question is: Is there any way of accomodating this when applying for this stamp duty relief before I turn 35? ie Is it possible for the stamp duty relief to be processed pending the course being completed and the qualification acquired?

I know the stamp duty can be "paid back" to the young farmer if the qualification is acquired within 4 years.

My second question is what would the financial implications/burden be if this relief could not be excercised of at the time of transfer?

The farm would be valued around €1.7 million. With a house on it valued at around €400k. It is the family farm.

What would I,as the receiver of these lands, be liable for, if I was to receive them before I am 35 (without a suitable qualification).

Any help appreciated.

I understood that once it was the family farm, you would not have to pay the stamp duty in the transfer no matter what age you were and what your qualifications are. I don't know if you will get many people on here that will definitely be able to answer your questions, I would advise you to contact the Teagasc office that you have applied to do the course with and question them, they should be able to give you concrete answers - I did the shorter course with them online about 2 years ago (only took about 8 months) - they were very helpful and able to tell me anything I needed.


PS. If you're just taking over the herd number for the first time and going to do the course, don't forget to apply for the installation aid - €15000+ and you can spend it on anything you like.

Regards

Dan

badgerbadger

This might help.
http://www.revenue.ie/leaflets/sd2b.pdf