Auctioneers call for stamp duty cut on the sale of land

  • Auctioneers call for stamp duty cut on the sale of land
    FarmIreland.t. E.
    The Institute of professional Auctioneers and valuers (IPAV) called for the stamp duty on the farm and the sale of land should be reduced from 6PC to 4pc.
    https://www.independent.ie/business/farming/agri-business/auctioneers-call-for-stamp-duty-cut-on-land-sales-37211609.html
    https://www.independent.ie/business/personal-finance/article37058352.ece/a3437/AUTOCROP/h342/2018-06-28_bus_42094790_I1.JPG

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The Institute of professional Auctioneers and valuers (IPAV) called for the stamp duty on the farm and the sale of land should be reduced from 6PC to 4pc.

In its pre-budget submission to Finance Minister Paschal Donohoe, the Institute noted that the current level of stamp duty is having an extremely negative impact on the land market. The Institute also called for the restoration of 2pcs course for those wishing to purchase a disposable seats for a family home.

IPAV is 1,300 auctioneers and appraisers across the country. Chief Executive Pat DeWitt claims the increase in the stamp duty rate from 2pcs to 6pcs in last year’s budget makes it difficult to purchase land and farms.

Describing the stamp duty as a discouragement to young farmers, he said that on the one hand, many farmers managing holdings that are not economically viable because they are too small.

On the other hand, young farmers, who are highly qualified with a hunger and desire to grow and develop farms not to be disappointed from the purchase of land increase in stamp duty introduced in last year’s budget. “These are the people, and the national agricultural policy of the EU aims at promoting,” Mr. DeWitt said.

Budget IPAV also draws attention to the impact of changes in stamp duty on those who wish to buy a disposable of residential properties in the country, especially first time buyers. He calls for stamp duty in such circumstances to return to 2pc.

“Construction is estimated at €40,000 now has a stamp duty of $ 2,400, in contrast to €800 to 2018 the budget,” Mr. DeWitt said.

“The government should encourage young people in particular to live and work in rural Ireland. Our offer is about sustainability and it supports and reinforces the stated government policy to encourage rural businesses”.

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