“Smaller landlords want to sell up and get out and we need to stop that happening at the rate it is happening.”
The tax landlords pay on rental income should be cut in half to keep them from leaving the market, according to Fianna Fáil Senator Lisa Chambers.
The Irish Property Owners Association and the Institute of Property Auctioneers and Valuers said the new rate could keep landlords in the rental market and support new investment.”They noted that the move would ensure that investment fund and smaller landlords would be paying an equal amount of tax on their income.this morning, Senator Chambers said the proposal could help stem the exodus of smaller landlords from the market.
“Those tax breaks [should be] conditional on longer and more secure tenancies so if you are to get a tax break as a landlord, I think they should be required to at least offer a tenancy for a five or a ten-year period. “I think it is warranted in the current crisis that we are in in terms of rental properties,” she said. “There are so few rental properties.
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