Stamp Duty: Good News for Forestry & Farm Owners

A recent Appeal Commissioners case has forced Revenue to extend the Stamp Duty exemption on commercial forestry and woodlands.

Up to now, the sale or lease of a commercial woodland property has enjoyed a partial exemption from Stamp Duty. Growing trees, managed commercially, were exempt from Stamp Duty sale or lease transactions, but this exemption did not apply to gifts of such properties.

Today’s Revenue eBrief confirms that the exemption will now apply to gifts of commercial woodlands.

Stamp Duty Exemption on Commercial Woodland

You should note that the exemption only applies to growing trees within a commercial forestry plantation, and not to the value of the underlying land.

For example, where a semi-mature mixed plantation is valued at €4,000 per acre, comprising a land value of €1,000 per acre, and trees at €3,000 per acre, Stamp Duty will only be charged on the land value of €1,000, and not on the much higher value of the growing trees.

Incidentally, the eBrief also confirms that the existing Stamp Duty relief on farm land transfers to “Young Trained Farmers“, which was due to expire on 31 December 2012, is being extended into 2013, pending the enactment of the 2013 Finance Act.

This is in line with a commitment given by Finance Minister Michael Noonan in his Budget 2013 speech last month.

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