A letter to Michael McGrath suggested increasing 10% stamp duty on bulk purchases by investment companies
A letter to Michael McGrath sought an increase in the 10% rate of stamp duty on bulk purchases of residential houses by investment companies
Mr Harris wrote to the then minister for finance in June seeking a possible increase in the 10 per cent rate of stamp duty on bulk purchases of residential houses by investment companies., the Taoiseach queried if the higher stamp duty introduced in 2021 to discourage the bulk purchase of residential houses by institutional investors had been “entirely successful”.Graham Norton: ‘Angry people want you to lose rights.
The Taoiseach asked Mr McGrath to explore options including a possible increase to the rate of stamp duty and also a possible lowering of the minimum threshold of 10 properties that makes the purchaser liable to the higher stamp duty. It is understood Department of Finance officials are currently preparing a detailed analysis of institutional investor activity over the last three years in the residential house market, including to see how many purchased fewer than 10 properties.
In a response to parliamentary questions from Sinn Féin earlier this year, Mr McGrath said that since the new rate was introduced, less than one in 100 of all residential property transitions attracted the higher stamp duty, and less that 2 per cent of all new dwellings.
Housing-Crisis Michael-Mcgrath Revenue-Commissioners Jack-Chambers Pearse-Doherty
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