Investment funds buying apartment blocks will escape the new 6 per cent stamp duty on properties valued at over €1.5 million, according to proposals in the Finance Bill, published on Thursday.
Robert Fitzgerald, tax partner at Grant Thornton, said the tax “therefore excludes transactions whereby an investor is acquiring an entire apartment block” and will allay fears expressed in the private rented sector that it would limit investment in this area from major funds.
Minister for Finance Jack Chambers said in a statement that he looked forward “to bringing this important legislative instrument through the Oireachtas over the coming weeks.” According to Emma Broderick, head of indirect tax at Grant Thornton, standard rate VAT already applies to fruit and vegetable juices but consumers and retailers may now fear it could be extended further to non-dairy based milk alternatives such as oat and almond milk, currently also subject to the zero per cent rate.
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