Stamp Duty reliefs
Stamp duty relief for inter-family transfers (Consanguinity Relief) is to be retained at 1% for a further 3 years.
The exemption from stamp duty for young trained farmers is to be continued.
SEAI accelerated capital allowance scheme
This scheme, which support investment in energy efficient equipment is being extended for a further 3 years to end 2020.
Farm land under solar panels
Agricultural land under solar panels is to be classified as qualifying agricultural land for the purposes of Capital Acquisition Tax and Capital Gains Tax reliefs. This will only apply if the panels cover no more than 50% of the farm holding.
Earned Income Tax Credit
For self-employed tax payers, including farmers, who do not receive the PAYE Tax Credit, the Earned Income Tax Credit of €950 is being increased by €200 to €1,150 from 2018.
The Standard Rate Cut Off Point – the point at which income attracts the higher rate of income tax – will rise in 2018 by €750. The cut-off point for a single earner will be €34,550, for a married couple (single income) will be €43,550.
Universal Social charge
The rates of USC are being amended as follows:
The 2.5% rate is to reduce to 2%
The 5% rate is to reduce to 4.75%
Tax credits & reliefs
The Home Carer Credit is to increase by €100 to €1,200.
For those with Mortgage Interest Relief, the rate will continue at 75% in 2018, and reduce to 50% in 2019 and 25% in 2020.
Tax on land and property
Stamp Duty on commercial property transactions is to increase from 2% to 6% with effect from midnight October 10th.
A stamp duty refund scheme will be introduced for land purchased for the development of housing. In order to qualify, developers will have to commence the development within 30 months of the land purchase.
The Vacant Sites Levy rate is to increase to 7% in the second and subsequent years, meaning if the owner does not develop the land in 2018 they will pay 3% in 2019 and will then pay 7% from January 1 2019.