Long Questions

Question 1

Describe in detail, five (5) qualifying conditions of the Young Trained Farmer Stamp Duty Relief. (5 marks)

To claim this relief you must;

1. Be under the age of 35 years of age at the date of transfer of the land is executed.
2. Hold a relevant agricultural qualification (Level 6) or obtain one within 3 years from the date the land is acquired
3. Must spend 50% of their normal working time on the farm and be registered as company employee /or hold 20% shares and involved in financial and managerial roles.
4. Have submitted a Business Plan to Teagasc ‘My Farm, My Plan’ Document.
5. Must retain land for at least 5 years from the date of transfer.