NCC calls for an end to Stamp Duty

businessworld.ie/livenews.htm?a=2209218;s=rollingnews.htm

Stop talking sense now.

This idea is far too sensible to ever happen unfortunately.

And property taxes serve only to increase the cost of owning property.

I’m of the opinion that primary residences should not be subject to a property tax. Flat rate stamp duty and it becomes a lot better.

  • No stamp duty
  • Annual property tax
  • no tax incentives for property investment

I’ll go with that.

What about the people who live in large houses but don’t have a lot of money?

I don’t believe you should be taxed, on a yearly basis, just because you own something.

It doesn’t make any sense.

Of course with this recent clamour to reduce stamp duty nobody is going to purchase in case they miss out on the next round of stamp duty cuts.

Stamp was introduced as a way of cooling the property market.
Now its practicially frozen, so its time for it to be abolished.

But wait, the government introduced a temporary tax, but then gradually became addicted to the revenues even to the point of relying on them.
So now it cant afford to. Brilliant !

To me it does make sense. If you want to take up a greater area of the country then you should pay more.

3 years ago would have been the time for that. All the while the government was spouting about developing Ireland into a “Knowledge Economy” our young people were going into the building trade, as was investment, tax incentives, focus, etc. Now all of a sudden we will be interested in JOBS or any kind to get unemployment down.

You wont attract quick FDI (or indiginious investment) to Ireland to create these new jobs by changing the tax rules. Its takes years of dedicated courting and marketing Ireland in the right way to these companies.

I’d agree with that line. Plenty of cash-poor elderly people, who bought decades before the boom, would be severely punished by such a tax. It could be argued that this might encourage them to downsize and allow young families to buy the house, but I’m not sure people should be coerced into selling their family home simply because they didn’t cash-in during the boom. As Calina said, taxing primary residences is not a great idea. A tax on investment properties is a completely different matter.

Income test. Earn less than some figure (30k?) and you are exempted from paying property tax in that year.

Over the age of 65 that income figure rises, as you are no longer expected to work and pay tax. So if you have a nice house and a decent pension you shouldn’t be punished. However if you are filthy fucking rich with 20 fully owned IPs earning rent you keep paying.

So if you are elderly and asset rich/cash poor you have nothing to worry about.

As it used to be:

revenue.ie/pdf/sr04eng_rpt.pdf

I already paid a huge tax on my house, i.e. the stamp duty. And that tax was directly related to the value of the houses people bought, and therefore evenly distributed amongst the classes…not paying anything else thank you.

And i already paid a huge tax when i earned this money, so i’m not paying anything else (i.e VAT) when i spend it, thank you.

Yearly property tax makes a lot more sense than stamp duty.

This is completely illogical. Property values in this country bear little relation to actual footprint. It’s entirely possible to own a mansion in Limerick and be subject to less tax than someone in a one bedroomed little box in Dublin.

I’m reiterating: primary residences should not be subject to an annual tax. Fling a wealth tax on investment/holiday/second properties by all means but leave the family home alone. After all, a bloody huge number of them were already subject to huge stamp duties. They are not income generating unless cashed in so if you want to mess with capital gains tax and shove it up, fine. Past experience both here and in India suggests that this has a counterintuitive impact - ie the black economy expands and tax take contracts. Waste of time in my opinion.

Yes it does but will you exempt everyone from this tax who has already paid stamp duty??

National Competitive Council…is that actually a real organisation? Where have they been the last ten years while we were all getting ripped off?

and those already stuck with rising management fees will probably go ballistic as well.

I agree with this. Tax the fuck out of investment properties tho

I might consider giving you an exemption that allows stamp duty already paid (PPR only) to be offset against property tax. Maybe 100% offset, maybe not.

Then once you’ve used up your credit, you start paying annually like everyone else.

How does that sound? :stuck_out_tongue: