Government mulls tax break for developers amid concern over political fallout via IrishTimesBiz
A raft of development tax breaks in the 2000s, lobbied for by the industry and duly delivered by then government, led to a mushrooming of development, often in the wrong areas, and an eventual blowout.
The property industry has been lobbying hard on the question of viability, which it says is particularly difficult here, is out-of-kilter with the rest of Europe, and now compounded by inflation. And because there is a strong pipeline of properties already under construction that will not be finished in 2022, but which will feed into 2023 completions, he believes the output next year will be broadly in line with the 29,000.
If housing delivery is on target or exceeds target, the case for a tax break is perhaps weakened. On top of this, there have been two significant interventions to facilitate developers in recent months – the shared equity loan scheme, which helps people secure a home by providing part of the purchase price in return for a minority equity stake, combined with changes to Central Bank’s mortgage lending rules to increase the loan-to-income limits for first-time buyers to four times income.
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