I have also heard that rumour from informed sources- the rationale is a three pronged approach to prevent the housing market tanking - FTBs are experiencing reduced spending power and hence the market cannot be propped up from the bottom any more - the government wants to encourage PPR trader up activity to compensate and hence is looking at reducing / adjusting the PPR trader up stamp duty band - this will cost the government revenues and hence a sliding scale CGT (less will apply for long held property) will be applied to cover the stamp duty losses in revenue.
This is a triple whammy as voting PPR owners are benefited by the government , the government is seen as acting on specuvestors and the doors are effectively barred for a run to the exits for the specuvestors (most likely reason for a housing crash as price is set on the market margin) as the prospect of capital gain drys up (you want to leave that will be 40%+ please of your gain)
This seems a bit of a paradox. If the government want PPR's to trade up and FTBs cant afford their prices who are they going to sell to?- FTBs are experiencing reduced spending power and hence the market cannot be propped up from the bottom any more - the government wants to encourage PPR trader up activity to compensate
I have also heard that rumour from informed sources.
the this will cost the government revenues and hence a sliding scale CGT (less will apply for long held property) will be applied to cover the stamp duty losses in revenue.
Do you really think the revenue invent all the tax codes themselves (most is a mirror of UK / international codes with rate changes)
vast majority of home owners) will start to trade up more (most families in Dublin vast 10+% average trade up cost - 9% stamp plus legal and agent) - this drives middle market forward - FTB price stabilisation and no housing market crash.
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