http://www.rte.ie/business/2006/0823/houses.html
Any suggestions on how they would go about this?
Higher CGT for properties sold within 5 years
"investor tax" on mortgate repayments
Make investors have to prove property is being rented out, penalty if it is not.
Offer a reward for any tennant who rats out a non registered landlord.
Not sure how workable these are, any other ideas?
maybe they will just finally do the recommendations in the Bacon report?
Measure A is A special scale of 50% CGT where a property was NOT registered with the PTRB and was not PPR would be neat.
Registration and checking of valid tenancy agreement gets you onto a sliding scale.
Min 3 years renting out required before you get to a 20% CGT rate at 10% reduction per year.
Measure A could be applied retroactively to existing flippers , Measure B could not. I would look at the first option meself. Tax the flipper at disposal not at acquisition.Measure B is Use stamp duty as before and Bring Back Bacon exactly as before
EXCEPT that you are entitled to an annual rebate on that 9% investor SD rate at a rate of 1% Stamp Duty Refund per year of PRTB registration (and checking of valid tenancy in place) until your stamp duty is the same as any STB would have been .
The gap betwen investor and STB back then was typically 3% so you need to rent the place for 3 years to get your clawback in full.
No changes to CGT
Make investors have to prove property is being rented out, penalty if it is not.
Property tax = political suicide.
Not if you're looking for a scapegoat and you phrase the tax as being geared towards "speculators". In that case it would be a populist measure.
Not if you're looking for a scapegoat and you phrase the tax as being geared towards "speculators". In that case it would be a populist measure.
Is it not just too late at this stage? Any measures to reduce the influence of speculators in the market are likely to precipitate a crash.
Targeting new build flippers initially would affect a minority but would make an excellent headline for Noel in the battle for FTB votes.
Even a plausible threat if a punitive regime could cause the flippers to pull out sharpish if they thought it would be law by the time the houses were built...like by April 2007 when the budget is really enacted for example.
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