REA welcome stamp duty reform

The Group believe it will help the residential sector recover somewhat in volume and give the property sector a much needed boost. Although stamp duty reduction makes movement easier the Group are unsure if it applies to commercial property which is key for business flow . According to Board Member Michael Gavigan, “the u turn on s 23 expiring in 2014 has not factored in that most investors are heavily in debt on their investments which were made in good faith at inflated values to factor in the tax benefit . The government promoted these schemes which created much employment & revenue for the country and now announce that they expire in 2014 which will greatly reduce their value and lead to a far higher rate of default which the taxpayer will ultimately have to foot the bill. This u turn is ill considered and does not factor in peoples risk taking and debt”

National Property Policy

"In view of the severe downturn in the property market, it would be grossly unfair to expect property owners to sustain such proposed increases in Taxes and Reductions in Tax Allowances as indicated in the Four Year National Recovery Plan. It is important for the Government to realise that Property can contribute to the Recovery. It would be our suggestion that a National Property Policy be prepared by Business owners, Landlords & Tenants, Property Professionals as well as the Legal community”, according to Patrick J. Riney.