MACRA na Feirme national president Colm Markey has welcomed the renewal of the Stamp Duty exemption on the transfer of farms to young trained farmers in last week’s Budget.
The exemption had been due to run out at the end of 2005.
Under the exemption, young trained farmers are not liable for stamp duty on the transfer of the family farm.
Mr Markey said the exemption was a vital incentive to encourage the transfer of farms to trained young people.
“The exemption is worth nearly •20 million per annum to young farmers and will be worth almost •60 over the lifetime of the renewal,” he said.
The young farmer leader pointed out that with only 13% of farmers in Ireland under 35 years of age and 45% over 55, it was crucial that the Government supported measures to facilitate farm transfers to young people.
“We need to get more land into the hands of young people; today’s announcement in the Budget to extend Stamp Duty Relief will help this process,” he said.
