Tax Code

Dáil Éireann Debate, Tuesday - 27 July 2021

Tuesday, 27 July 2021

Ceisteanna (361)

Gerald Nash

Ceist:

361. Deputy Ged Nash asked the Minister for Finance the estimated additional revenue that would be raised from an increase in the rate of stamp duty to apply in circumstances in which a person purchases ten or more houses within a 12 month period from 10% to 17% respectively in tabular form; the estimated additional revenue that would be raised if these respective rates applied to both apartments and in cases in which properties are renting to local authorities, that is, removal of exception; and if he will make a statement on the matter. [39924/21]

Freagraí scríofa

Minister for Finance

As the Deputy is aware the purpose of the 10% stamp duty charge on the multiple purchase of houses is to disincentivise such purchases with a number of limited exceptions for apartments and for social and affordable housing purposes. This measure therefore was introduced to influence behaviour rather than as a revenue raising measure. At the time of its introduction Revenue was unable to provide an assessment of the additional monies it would raise.

Consequently in response to the Deputy's question, Revenue has indicated that they are not able to provide the information he is seeking in circumstances where the stamp duty rate for purchases of 10 or more houses within a 12 month period is increased from 10% to 17%. Neither can they provide data in relation to a situation where the 10% and 17% rates are applied to both apartments and to situations where properties are being rented to local authorities.

Over time with the collection of revenue from this stamp duty charge, it is probable that Revenue will be able to make a better assessment of such matters.

Question No. 362 answered with Question No. 319.

Question No. 363 answered with Question No. 319.