Why put up the inheritance threshold when 90 per cent of people have told the Revenue Commissioners their house is worth less than €365,000?
as falling somewhere between a justified effort to soak the metropolitan rich or an unmerited assault on the property-owning class of south Dublin.
Taken in the round the two measures pretty much cancel themselves out in terms of the long-term impact on the wealthy. They are also cost neutral for the exchequer and the whole fandango has the fingerprints ofI’m an expert in headlines that start with ‘I’m an expert’. Here’s why they’re everywhereends up looking like a bit crafty, which for some reason is never considered a bad thing in a minister for finance.
The only part of Dublin where median house prices and self-assessed RPT valuations come close to aligning is Dún Laoghaire-Rathdown, where 65 per cent of houses are valued at below the median The only part of Dublin where median house prices and self-assessed LPT valuations come close to aligning is Dún Laoghaire-Rathdown, where 65 per cent of houses are valued at below the median. This, of course, is also nonsense as Dún Laoghaire-Rathdown has the most expensive residential real estate in the country and some of the most expensive in Europe.
The reluctance of Irish political parties to embrace the LPT is due in part to its genesis. Along with water charges, the introduction of LPT was one of terms of the bailout we got from the International Monetary Fund, the European Commission and the European Central Bank in 2010. Both measures were intended to broaden the tax base, which narrowed dramatically during the last property-fuelled bubble, which when it collapsed left a large hole in the exchequer. The rest is painful history.
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