In Budget 2018 stamp duty increased on commercial transactions from 2% to 6%, this includes agricultural land. However, the Finance Bill which is due for publication shortly extended stamp duty relief to cover transactions within the family so liable to stamp duty at 1%.
There are a number of conditions which must be met prior to this relief being granted.
|1)||The person selling the land is under 67 years old and related to you- this age restriction is due to be abolished|
|2)||You must farm or lease the land for not less than 6 years|
|3)||If you farm the land or the person to whom you lease, must hold a farming qualification or spend 50% of your time farming|
|4)||If you farm the land or the person to whom you lease, must farm the land on a commercial basis with a view to make a profit|