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Govt mulls farmer age limit in relation to stamp duty

It is understood the Government is considering the 67-year age limit for farmers to be eligible for 1% stamp duty rate on the transfer of land between family members.

As a result of the budget, farmers over the age of 67 will have to pay a 6% stamp duty rate on land transferred between family members.

The issue was raised at the Fine Gael and Fianna Fáil parliamentary party meetings last night.

The Irish Farmers’ Association has also raised the issue.

It is understood that the Government will also clarify the transitional provisions to be put in place for those who signed contracts on the sale of commercial property before budget day.

Minister for Finance Paschal Donohoe indicated that those who had already signed their contracts would have them honoured.

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