andMr. McQuillan asked the Minister for Lands the acreage of land purchased by foreigners in 1960, 1961 and up to 30th September 1962, as disclosed by the twenty-five per cent stamp duty paid on the purchase.
Ceisteanna—Questions. Oral Answers. - Purchase of Land by Foreigners.
62.
Particulars of 25 per cent. stamp duty transactions in the period prior to 1st August, 1961, are not available to my Department. Since 1st August, 1961, such transactions have been recorded by the Land Commission in accordance with the provisions of Sections 33, 34 and 35 of the Finance Act, 1961. For the period from 1st August, 1961, to 30th September, 1962, the total acreage so recorded is 6,767 acres.
Is the Parliamentary Secretary satisfied that the purchase tax of 25 per cent. on the purchase of land is sufficient to deter non-nationals from purchasing land here which should be held for the relief of congestion? Is the Minister aware that the value of land in Germany is three times that of similar land here, that land which would cost £100 per acre here would cost £300 per acre in Germany? In those circumstances, does the Parliamentary Secretary consider that the 25 per cent. tax is sufficient to keep the existing pool of land here in order to create the 45-acre holdings the Minister has so often referred to?
I am satisfied the 25 per cent. stamp duty is having a deterrent effect.
The Parliamentary Secretary is aware that the procedure regarding the stamp duty was altered in the last Budget. Is there anything he can do to expedite decisions by the Land Commission in cases where applications for relief are made in regard to private dwellings as distinct from lands?
That is an administrative matter which I shall have examined.