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Financial Resolution No. 5: General (1 Oct 2024)

Financial Resolution No. 5: General (1 Oct 2024)

Eamon Ryan: I move: THAT it is expedient to amend the law relating to inland revenue (including value-added tax and excise) and to make further provision in connection with finance.

Financial Resolution No. 5: General (1 Oct 2024)

Debate adjourned.

Financial Resolution No. 5: General (1 Oct 2024)

Cuireadh an Dáil ar athló ar 10.15 p.m. go dtí 10.30 a.m., Dé Céadaoin, an 2 Deireadh Fómhair 2024. The Dáil adjourned at 10.15 p.m. until 10.30 a.m. on Wednesday, 2 October 2024.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

David Cullinane: Consider the many debates we have had in this Chamber about vulture funds swooping in and buying up homes, in some cases buying up housing estates and in some cases apartment blocks. We have had debates like this and the Ministers across the Chamber shrugged their shoulders, saying, "What can we do?". Today the Minister has an opportunity to do something and again this week the Government...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Richard O'Donoghue: Again it is another failure. Bulk buying like this creates, in effect, a cartel. They are coming into an area, bulk buying the houses and creating a cartel, and then they dictate the prices for the area. They are doing it all in prime locations. If a company in the State is building a housing estate, it must have 30% for social housing. When we look at the scenario where houses are being...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Danny Healy-Rae: I thank the Leas-Cheann Comhairle for the opportunity. I am aware I only have a little time. Home ownership is one of the biggest issues in Kerry for young people who want to buy or build their own home. The building option is nearly impossible because of planning permission. Home ownership is unattainable because of the cost of houses. It is hard for a young fella or a young couple - a...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Michael Healy-Rae: The Minister, Deputy Eamon Ryan, and the Government have failed to grasp the enormity of this problem. What the Government is doing is actually only tokenism in trying to stop it. If the Minister had the same interest in attacking this problem as he did in attacking the good people who were out cutting turf, if he had less interest in people planting seeds on south-facing window sills and...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Eamon Ryan: I thank the Deputies for their contributions. We share a common interest in changing the market here and this is why we are raising the stamp duty. There were already significant reductions in the instances of bulk buying of apartments on the market and this will further reduce that. Any ones that are going are probably an example of legacy developments. This motion will, I believe, have...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Catherine Connolly: As we have eight speakers, they will have maximum speaking time of two minutes each. I call Deputy McGrath, who asked first to speak.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Mattie McGrath: This is utterly useless. It is useless, fruitless and toothless. Four out of every ten houses now are being bought by conglomerates from abroad. Did you ever see the beat of it? We are in a housing crisis and the Government will not wake up to the fact it is a housing crisis. We have different schemes to get houses built, we are talking about output and whatever else, and yet we are...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Ivana Bacik: It is certainly positive to see an increase in the level of stamp duty on the bulk purchase of homes, which I concede, but this simply does not go far enough. The Government resolution simply does not do enough to dissuade the bulk purchase of homes by institutional investors. We in the Labour Party had put down an amendment to increase the stamp duty rate to 20% on the bulk purchase of...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Catherine Connolly: I am very sorry but there are about five or six more speakers.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Ivana Bacik: If I can just finish on the point on our amendment, we have no idea how many apartments are covered.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Catherine Connolly: I cannot allow the Deputy any more time. I call Deputy O'Callaghan.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Ivana Bacik: I am sorry we not did not get to put our amendment on this.

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Cian O'Callaghan: I had tabled two amendments to this resolution to increase the stamp duty to 100% and I understand they have been ruled out of order. This increase of 5% being put forward by the Government is pathetic. It shows it is clearly not serious whatsoever about stamping out the practice of multibillion euro funds coming in and snapping up homes, pushing up prices, and pushing out first-time...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Richard Boyd Barrett: To my mind if we are going to put any kind of stamp duty to try to deter these profit-driven investment funds from bulk buying properties, it should be 100%. Otherwise we are wasting our time. That is what it should be because there is nothing good about these investment funds bulk buying homes. It is disgraceful that apartments are not included. Most of what is being built at the moment...

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Financial Resolution No. 4: Stamp Duties (1 Oct 2024)

Eamon Ryan: I move: (1) THAT for the purposes of stamp duty charged by virtue of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999), that Act be amended—(a) in section 83DB(1), in the definition of “relevant instrument”, by the deletion of “, where the instrument was chargeable, in respect of the whole or part of the consideration under the instrument, to stamp duty at...