Consanguinity Relief
Stamp Duty consanguinity relief (i.e. the halving of the stamp duty rate of 2% to 1% for transfers between family members) has been extended for a further 3 years (i.e. to 31 December 2017) subject to certain conditions as follows;

• The transferor must be aged 66 or less (i.e. not have reached the age of 67) for the lower, 1% rate to apply. Where the transferor 67 or older the transfer will incur stamp duty of 2%.
• The party to whom the land is transferred/sold must be a ‘farmer’ as per the definition outlined in relation to agricultural relief (i.e. has an agricultural qualification or spends not less than 50% of their normal time farming or who leases the land for a period of not less than 6 years to a farmer for profit).

For further information please contact us.