Terence Flanagan
Question:279. Deputy Terence Flanagan asked the Minister for Finance if he will address a matter (details supplied) regarding the local property tax; and if he will make a statement on the matter. [4878/15]
View answerTuesday, 3 February 2015
Questions (279)
Written answers
The Government decided a universal liability to the LPT should apply to all owners of residential property with limited exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption.
The Local Property Tax (LPT) legislation does not contains a relief from Local Property Tax for Stamp Duty payments. The inter-Departmental group, chaired by Dr Don Thornhill, which was established to consider the structures and modalities of a property tax (the "Thornhill Group") gave detailed consideration to this issue. The Thornhill Group recommended against giving a relief for Stamp Duty, not least because such a relief would not be targeted at cases of need.
While some individuals had a significant Stamp Duty liability, they may have been able to claim mortgage interest relief on interest up to €20,000 per annum; and individuals who bought properties since 2004 can continue to claim mortgage interest relief until 2017.
There are no plans to provide relief from LPT for those who paid stamp duty.