Stamp duty rate on agricultural land

Hi There,

I plus my brother are currently purchasing agricultural land from my aunt for 50K euro.
As far as I am aware we may need to pay stamp duty of 2k euro 4%. Is there anyway we can get out of this ? She is my aunt etc. There was once a house on it but it has not been inhabited for at least 50 years and is now a cowshed. There is a possibility that a house could go on it in the future as there is a right of way to the main road but no requirement at present. We intend to let it.

As far as I am aware, for residential houses, the stamp duty doesn't kick after 127,000 euro or so. Is there anyway I could apply this stamp duty rate ?

any help would be much appreciated.

Schillachie

I plus my brother are currently purchasing agricultural land from my aunt for 50K euro.

Can you confirm that this is the market value of the land and not a notional or agreed valuation figure ?

As far as I am aware we may need to pay stamp duty of 2k euro 4%.

No it would be at either 3 % or 4% - 40K is on the consideration threshold i.e. up to 40K is 3% and over 40K is 4%

Is there anyway we can get out of this ? She is my aunt etc.
No. But you will get a relationship relief and only pay half the rate. 2% of 40K is only E800.

There was once a house on it but it has not been inhabited for at least 50 years and is now a cowshed.

No its not residential property.

Is there anyway I could apply this stamp duty rate ?

No.

mf

Hi MF,

Thanks for the reply.

With regard to the price, it is a price which was agreed between the 2 parties. For 10 acres of agricultural land, this is the going rate in this part of the country, and actually probably a bit higher if truth be told.

With regard to the relationship relief (Great News) which you mentioned which halves the rate from 4 % to 2 %, that means for 50k, we owe 1,000 euro. We can live with that.

If you know which Revenue form off the top of your head to file a return, it would be great.

Well that's great, you saved us a grand !

Schillachie

Stamp duty is payable on the Transfer Deed which will be drawn up by your solicitor, its payable 28 days from the effective date of the Deed, the Deed is normally sent for stamping by your solicitor ( you having put them in funds to do that), before the Deed is registered.

To get the consanguinity relief, the Deed has to be adjudicated by Revenue and I suspect that it might be worthwhile getting a written valuation of the land from a local auctioneer - just in case Revenue are unhappy with value you use.

mf