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FG-Labour stamp duty proposals “ill-thought out” – Morgan

13 April, 2007

Sinn Fein spokesperson on Housing Deputy Arthur Morgan TD today spoke out against FG-Labour proposals to amend stamp duty. Deputy Morgan described the proposals as "ill-thought out" and said that they would do "nothing for house-buyers but would benefit the developer who would simply increase their prices to take account of stamp duty costs."

The Louth TD said, "It is ridiculous to think that as we are on the eve of an election Fine Gael and Labour still cannot agree on an issue such as proposals for stamp duty reforms. If they cannot reach agreement on this, how do they expect the electorate to believe that they will actually perform well in government together?

"Regardless of this, their proposals to reform stamp duty are ill-thought-out. Any changes will not translate into a reduction in house-prices for buyers. Due to weak policy of successive Governments, any difference that it could potentially make would merely translate into extra profit for developers who would pocket the difference rather than the state.

"First time buyers certainly need help. Sinn Féin is proposing an increase in mortgage interest relief and the ring-fencing a proportion of stamp duty for reinvestment in social housing provision. This measure, alongside amending the Planning and Development Act to remove the 'get-out clauses' for developers in Part V, would be more beneficial to house-purchasers rather than the developer, which every other Government policy has been aimed at." ENDS

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