Dáil Éireann Debate, Tuesday - 14 February 2012
171 Deputy Pearse Doherty asked the Minister for Finance if the activity in commercial property transfers has been monitored since budget 2012 was announced; and if the reduction in the higher rate of stamp duty has any noticeable impact on that activity. [8141/12]
View answerAs I announced in the Budget, a single Stamp Duty rate of 2 per cent will apply to non-residential property transactions executed on or after Budget night 6 December 2011. A significant proportion of the Stamp Duty yield received since 6 December from commercial property transactions is likely to relate to transactions which predate the Budget change and accordingly it is too early at this stage to determine what impact the change will have on the Stamp Duty yield or the level of activity.
173 Deputy Terence Flanagan asked the Minister for Finance if provision was made in the 2011 Finance Act for tax relief to be claimed for home energy improvements; if so, the way a person may make an application; if not, the reason there is a delay in introducing this; and if he will make a statement on the matter. [8159/12]
View answerSection 13 of Finance Act 2011 provided for income tax relief at the standard rate for expenditure incurred by individuals on a range of works carried out to improve the energy efficiency of residential premises situated in the State. The underpinning legislation for the scheme was subject to Commencement Order. However, that legislation, on review, was found to have flaws and would have required amendment before it could be implemented.
As part of the announcement in the Jobs Initiative, the Government undertook to provide further funding for the grants available under the Better Energy Homes scheme operated by the Sustainable Energy Authority of Ireland (SEAI). Because of these circumstances, I decided to review the requirement for a co-existing tax incentive for similar works and, following this review, I decided not to proceed with the introduction of the tax relief scheme.
It is worth pointing out that it was never envisaged that individuals could qualify for both the grants and the proposed tax relief. Refocusing the funding such that it is provided via the grants scheme clarifies Government support measures for energy efficiency works.
