Is the Stamp Duty promise now policy?


Exactly...there must be thousands of people across Ireland who think that because the rent on their investment property equals the mortgage they have no income tax liability.
 
Howitzer & Kal, I don't entirely agree with you. I've met young Irish people who literally think buying a house is like buying a piece of furniture, and they are so caught up in the complexity of buying a house that they don't understand all the implications. This I don't agree is through ignorance or stupidity. It easy for people on AAM who are experts on taxes/laws/compliance to know what to do but for others it's not so easy. I do my best to try to understand all the tax/laws/compliance issues myself but it's a complete maze and it changes every few years just for the fun of it, it seems. (Part of the reason I use AAM is to learn, and nearly every week I learn something new.) Even getting a mortgage from a bank is in most cases a nightmare. People are just doing their best to get on the property ladder and I feel sorry for those people who buy a 2 bed apartment with no stamp duty, change job, move and have to buy elsewhere and then get caught with stamp duty claw back, and they now probably have to buy a house to house a family at even more expense plus stamp duty on this as they've lost their first time buyer status.

Actually I don't think the no stamp duty for FTB helps them at all in the first place. Mortgage interest relief would probably be more beneficial as it would hit the bottom line - their monthly pay packet.

Maybe when people purchase they should have to sign a document that they understand the tax issues/claw back of stamp duty etc if they decide to sell in the future, I'm sure this info gets lost in the huge transaction that is a property purchase.
 
Don't forget that if a FTB sells the property within five years in order to part-fund the purchase of the new home, no clawback occurs.

So therefore the only people subject to the clawback are those who choose to become property investors as distinct from people who simply want or need to move home.
 
I see that in the Dail the issues up for debate between today and Thursday include amendments to the new legislation abolishing stamp duty for first-time buyers.

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Does anyone know if these are minor technical points or something else?