Stamp duty rate to triple on Tipperary farm land

Niamh Dillon

Reporter:

Niamh Dillon

Email:

niamh.dillon@tipperarystar.ie

Stamp duty rate to triple on Tipperary farm land

Tipperary farmers could have to pay three times the current rate of stamp duty on lands purchased from midnight tonight.

Finance Minister Paschal Donohue stated in today’s budget speech that commercial land would be subject to a six percent stamp duty rate on all commercial land sales from midnight - triple the current applicable tax rate.

However confusion continues to mount this evening following Minister Donohue's statement on stamp duty increases as Minister for Agriculture Michael Creed stated in his post budget speech that farmland would be exempt.

The higher rate of stamp duty means farmers would have to pay an additional €20,000 on a farm costing €500,000.