Richard Boyd Barrett
Ceist:76. Deputy Richard Boyd Barrett asked the Minister for Finance if he is planning further taxation measures to address property speculation; and if he will make a statement on the matter. [22767/24]
Amharc ar fhreagraTuesday, 21 May 2024
Ceisteanna (76)
Freagraí scríofa
Increasing the supply of new homes is key priority for the Government. In 2023, 32,600 new homes were built, 10 per cent higher than the previous year and the highest level since the series began in 2011.
During the first quarter of this year, there were 5,840 new home completions, the second highest level since records began in 2011. In the 12 months to end-March 2024, there were 31,800 new homes completed.
The Government is acutely aware of challenges in the housing market and ensuring there is an adequate supply of suitable zoned and serviced land available for house building is a key priority.
The Residential Zoned Land Tax or RZLT was introduced in Finance Act 2021 and seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. RZLT, which is an action under Housing for All, aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing.
In addition to RZLT, there are a number of additional tax measures in place which also promote the activation of vacant housing, support the supply of homes for sale to individuals and promote the development of challenging sites.
They include:
• the vacant property tax;
• the 10% stamp duty on the bulk acquisition of houses; and,
• the residential development stamp duty refund scheme.
I am sure the Deputy will be aware that it is a longstanding practice for the Minister for Finance not to comment, in advance of the annual Budget, on any tax matters that might be the subject of Budget decisions and announcements.
As the Deputy will appreciate, proposals for any potential tax measures must be assessed carefully and need to be targeted and clear in their policy intent. That said, my Department continues to monitor all aspects of the property market and I will continue to work with my colleagues in Government to ensure that any further interventions in the housing market are appropriately calibrated, represent the best use of scarce public resources and boost the supply of much-needed housing in the State.