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New Stamp Duty Rate Will Hit Small Rural Businesses

By October 11, 2017No Comments

There are additional problems ahead for the new stamp duty rates on commercial land apart from the inclusion of agricultural land because with regard to commerial land we will be in bother with this new rate in many parts of rural Ireland.
There are many politicians from all parties and none going around the country to towns and villages trying to get people to buy into businesses and to get employment going. The reality is changed now because of this increase and I know of one person who has bought into a business and who has not yet signed the contracts and now this man will have to pay 20,000 Euro extra stamp duty as a result of this change.
I wanted to raise an amendment that if a person bought such a building and opened it in 6 or 9 months and employed people that they would get the stamp duty returned down to the 2% rate. It would be a boost to rural Ireland but that was not acceptable. However I intend to raise this again when the finance bill is being debated.