Budget 2022 has confirmed the relief under Stamp Duty for young farmers will continue until 31 December 2022.
Stamp Duty relief for young trained farmers provides an exemption from Stamp Duty on either the transfer or purchase of land where the recipient is a trained farmer under the age of 35.
Budget 2022 was delivered by Finance Minister Paschal Donohoe and Minister for Public Expenditure and Reform on Tuesday.
Stock relief which takes the form of a tax deduction will also continue for young farmers. Farmers can claim a standard stock relief of 25 per cent and young farmers are entitled to 100 per cent relief.
Stock relief of 50 per cent will be available to farm partnerships and all stock reliefs are subject to certain limits.
Under EU state aid rules these reliefs will end on 31 December 2022.
However, Finance Minister Paschal Donohoe said he was confident that the reliefs could be extended again next year.
LSL News.