Agricultural reliefs in Budget 2024

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Budget 2024 did not feature a lot to benefit the agricultural community with a number of relatively minor changes as follows:

Consanguinity (Stamp Duty) Relief

This stamp duty relief is being extended to 31 December 2028.  It reduces the rate of stamp duty applicable to intra-familial transfers of farmland from 7.5% to 1%.

Accelerated Capital Allowances – Farm Safety Equipment

This scheme, which allows for accelerated capital allowances of 50% per annum for eligible equipment, is being extended to 31 December 2026.

Young Trained Farmers and Succession Farm Partnerships 

Stock relief for young trained farmers, relief for succession farm partnerships and young trained farmers stamp duty relief are being amended to increase the aggregate lifetime amount of relief available to a person under these reliefs from €70,000 to €100,000 from 1 January 2024.

Stock Relief (Registered Farm Partnerships)

Stock relief for registered farm partnerships is being amended to increase the threshold from €15,000 to €20,000 in the case of qualifying periods commencing on or after 1 January 2024.

Land Leasing Income Tax Relief

The Minister indicated that the Land Leasing Income Tax Relief will be amended so that it only becomes available when the land has been owned for seven years, so that it is targeted to active farmers.  Currently there is no ownership period requirement.

 Return to Budget 2024 Summary 

For further details contact Robert Lohan, rlohan@dhkn.ie.

This newsletter is intended as a general guide to the subject matter and should not be used as a basis for decisions.  Whilst every effort has been made to ensure the accuracy of the content, no liability can be taken for any omissions or errors.  Professional taxation advice should always be taken prior to proceeding with any transaction giving rise to tax consequences.

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