Fine Gael proposes double tax on investment funds who purchase houses in bulk

Neale Richmond calls for doubling of stamp duty even though Government voted down Sinn Féin proposal earlier in the yearsaid he said the higher rate had worked “to an extent” and had “slowed down” bulk purchases, but describing Fine Gael as the “party of home ownership”, he said there was now a case to double the rate to 20 per cent.proposal to increase the rate at the start of the year, the proper time for budget proposals was in the autumn.

After a controversy arising from the bulk purchases of homes in a Kildare housing estate, the Government introduced the 10 per cent rate on purchases of 10 homes or more in May 2021. It applies to bulk purchases of houses rather than apartments and kicks in when ten or more houses are bought by a single purchaser in any 12 month period.

A Fianna Fáil source said that the party would not oppose such a move, but that there would likely be some resistance within the Department of Finance amid concerns over the impact on some companies balance sheets and capital flows into Ireland.

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Double of tax on investment funds who purchase houses in bulk, proposed by Fine GaelNeale Richmond said that even though the Government had voted down a Sinn Féin proposal to increase the rate earlier in the year, the proper time for budget proposals was in the autumn
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