1 week Ago By [email protected] (Louise Burne)
Tánaiste Micheál Martin has rebuked Fine Gael Junior Minister Neale Richmond’s comments about the extension of stamp duty for investors as part of Budget 2025. The Fianna Fáil leader said that the “sensible” thing to do was await the publication of a review into stamp duty before calling for it to be increased. He also stated that “no heads up” was given to Finance Minister Jack Chambers before Mr Richmond made the comments both to The Sunday Times and RTÉ Radio 1 over the weekend.
READ MORE: Calls for Stamp Duty on bulk purchases to be doubled to 20 per cent READ MORE: Report into sexual abuse in religious schools shows decades of cover ups Mr Richmond, Minister of State in the Department of Finance, called for stamp duty of the bulk purchases of new homes by so-called vulture funds to be doubled to 20 per cent. A 10 per cent rate on Stamp Duty was introduced in 2021 by the Government on institutional investors buying more than 10 homes in the same development within 12 months. The Fine Gael TD for Dublin Rathdown said that he raised the proposal with Taoiseach Simon Harris but had not spoken to Minister Chambers.
Speaking in Newry on Monday morning, the Tánaiste criticised Mr Richmond’s comments, saying that a report into stamp duty will be published in the coming weeks and he should not have commented until this was complete. “Generally speaking at budget time, there can be different ideas and proposals floated,” Mr Martin said. “But I think the Government does need to be careful in terms of how we go about this.
There will be different areas around the welfare package, which is part of the course. I would urge caution in terms of market-sensitive issues. “In terms of the stamp duty issue, for example, the Minister of Finance had already commissioned a substantive review of that.
That review is nearing completion. “I was surprised at Minister Neale Richmond’s comments [on Sunday] because I would have thought the sensible thing would have been to await the outcome of the review. “We must approach these issues in an evidence-based way and in a substance-based way.
“The sensible thing would have been to await the review. There had been no heads up to the Minister for Finance in relation to this. “But look, we’ll engage on it.
I think the review will have to be published in the first instance and let people see what that says. “I'm conscious of the Housing Commission's report as well, which warned against the reactive approach to the rental market and to the market in general. I'm conscious of the need for investment from the private sector in housing as well.
If we keep chopping and changing or if there's a lack of certainty or continuity in respect of that, that could damage investment in housing. “I think when the report is published, Government would take an informed decision on the basis of that.” Sign up to the Irish Mirror's daily newsletter here and get breaking news and top stories direct to your inbox.
