In a recent proposal, Fine Gael TD Neale Richmond has suggested increasing stamp duty on bulk purchases of new houses to 20%, up from the current 10%. The tax was introduced in 2021 to discourage institutional investors from buying more than ten homes in the same development within a year.
During an interview on RTÉ This Week, Richmond emphasized the need for this measure to be included in the upcoming budget or Fine Gael manifesto. He expressed concern that the current stamp duty, while somewhat effective, could be further enhanced to benefit Irish home buyers.
Richmond highlighted the importance of ensuring that the surge in home completions translates into increased home ownership among Irish people. He stressed Fine Gael’s commitment to empowering individuals to own both their homes and the land beneath them.
The proposal has garnered attention from government officials, with Minister for Finance Jack Chambers set to review the suggestion. Budget negotiations are ongoing, with discussions on stamp duty adjustments expected to take place in the coming weeks.
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