FG & LAB struggle to get Stamp Duty Ducks in a row...

The Irish Property Bubble (2006) The Republic of Property
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Stamp duty delays FG-Labour manifesto

Miriam Donohoe, Political Staff

The launch of the Fine Gael and Labour joint economic manifesto has been delayed, due to a failure of the parties to agree the final detail of stamp duty reform proposals.

While the two parties have said the delay is due to “timing issues”, it is understood there is disagreement on whether the proposed stamp duty changes be phased in over three years, as proposed by Fine Gael, or introduced in one go, as favoured by Labour.

Apart from this sticking point the two parties have reached general consensus on the details of their taxation and economic package. A draft plan has been written, but is being edited and rewritten as it was considered too detailed and not user-friendly enough.

Before signing off on the plan and the issue of whether to phase in stamp duty reform, the parties are to get briefings on the current state of the property market, as well as up-to-date stamp duty exchequer return figures from the Department of Finance.

They are to meet again next week to sign off on the proposals.

A Labour Party source said last night there was concern that the stamp duty proposals must not have an adverse effect on the property market, and there was unease over Fine Gael’s proposal to phase in reform over three years.

“If you phase them in you will have people who will wait for the full provisions to be in place before they buy and that could influence the market. We think it would be best to do what we plan to do in one go.”

A Fine Gael source said last night: “There is no major division and we are in agreement on the principles of the stamp duty changes. How the changes are implemented has still to be finalised.”

The document was originally expected prior to the Fine Gael Ardfheis last month and then before the Dáil Easter recess. Last week the parties said it was further deferred out of concern the launch would be overshadowed by the Taoiseach’s meeting with Ian Paisley and the publication of the report into the Dublin and Monaghan bombings.

On stamp duty it is understood the parties have agreed the proposals outlined by Fine Gael leader Enda Kenny in Limerick on March 22nd.

They include the abolition of the duty for first-time buyers of second-hand homes worth up to €450,000 and a simplification of rules, reducing the number of rates from seven to three.

The economic policy proposes cutting the lower rate of tax from 20 to 18 per cent, indexation of tax bands and an increase in allowances for single-income families with children.

© 2007 The Irish Times

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I never thought I’d see the day when Labour would be falling over themselves to put 400 million a year into the pockets of the already wealthy.

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People berate the Greens and Sinn Féin for having crazy economics policies. I’ll say one thing for them, at least they’ve some degree of honesty (ie, we’re going to increase taxes to pay for improved public services). Fine Gael (and especially Labour) seem to think that we can slash taxes AND get better public services. It’s pure and unadulterated crusty bollocks.

I despise the FF/PD coalition but it looks increasingly likely that they’re the only ones who won’t send the country into oblivion.

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Couldn’t the PIN assist here?

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Shouldn’t really be a cause of any surprise. The current Labour cabal aren’t fit to clean the boots of Connolly.

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Well it wouldn’t be the first time, you obviously don’t remember the Tax Amnesty, circa 1993 if I am correct.

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Not surprising - Labour’s main demographic target voter is the urban middle class - and the self entitlement of Irish Middle Class is sight to behold .

Labour just copped on to something that FF have known for ages - The Irish Public in general are a bunch of moaners and talk a great deal of moralising shite on the doorstep but when they go to vote in the privacy of the secret ballot - they vote for themselves and with their pockets and will vote for the highest bidder.

cynically yours
ED 8)

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I think I am going to use this as my footer. Maybe even get it on a shirt.

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Yep, it’s a good 'un. Joe Public will be in full parish pump mode come May

I’m not convinced meddling with stamp duty’s going to help anyone. It’s simply going to redirect money from the government to the vendor. Just my tuppence worth.

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Flattered SC - but its just the fecking truth mate - What people say and what people do are 2 different things altogether - ask any fast food supplier who asked people what the wanted (healthy food) , supplied it and then look at what they actually bought (enough carbs to feed the entire human race for the next 10 years in one 6 month period!).

And look at yours truly - swore off the beer last month - never again - had a “couple” tonite - got home just about - with a rake of phone numbers of various ladies of the moment - and preceded to leave said phone in the taxi and am now regretting entire episode in leisure with the knowledge of an earth scorching hangover to come! - kinda sums up the Irish Celtic Tiger experience in microcosm dont you think!!! - We all know what the right thing to do is - but we don’t have the maturity or the will power to see it through - Oscar Wilde was definitely an Irishman - (I can resist everything except temptation!)

off the replenish the paracetemol supplies - gonna be a long weekend :laughing:

have a good one

ED

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How is swearing off beer the right thing to do??? :open_mouth:

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Anima Sana in Corpore Sano. :smiley:

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Well - like 100% mortgages - they are right for some people not for others - meself and the beer have that kind of relationship at the mo!

Ps - Im well recovered and got the phone back aswell!! - my faith in humanity has been renewed! :smiley:

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So, a house that is currently on the market for €635,000 will currently net the government €47,625.

Under FG/Lab proposals, that same house will net the government €34,150.

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And that works out as a 14k saving on current stamp duty for a house at 580k…