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 |
