The Cabinet has changed a key element of the budget to allow family farms pass on without paying high tax.
Last week Commercial Stamp Duty was raised from 2% to 6% in Budget 2018.
However family farms can be passed on by farmers under 67-years-old at a stamp duty rate of just 1%.
Now it’s been decided to abolish any upper age until 2020 – meaning farmers of any age can sell on to family at only 1% stamp duty.
Donegal IFA Chair Michael Chance says this is a welcome step, but doesn’t address all the ramifications of last week’s budget decision…………..
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