Government must implement long-standing Sinn Féin policies to end tax advantages for investment funds in the housing market – Pearse Doherty TD
Sinn Féin spokesperson on Finance Pearse Doherty TD has called on the Government to immediately implement long-standing Sinn Féin policies to end the tax advantages investment funds in the housing market have been given and to increase their tax burden.
The low tax regime for investment funds in the housing market created by the Government has locked generations of struggling home buyers out of the market and driven up house prices and rents.
Sinn Féin have repeatedly called for the tax breaks and exemptions gifted to these funds and their shareholders to end in successive budget submissions and amendments to Finance Bills for the past several years.
Speaking today, Teachta Doherty said:
“The low tax regime for investment funds in the housing market is locking generations of struggling home buyers out of home ownership.
“This is not new and it is not an accident.
“Institutional investors and their shareholders have been hoovering up family homes for years, charging extortionate rents and pricing struggling home owners out of the market.
“Their activities have been facilitated, incentivised and encouraged by Government policy. It is no accident, but the direct consequence of their actions.
“The investment funds enjoy massive tax advantages which struggling home buyers have no chance of competing with.
“Some of these funds pay no corporation tax, no capital gains tax and minimal stamp duty. They were given this advantaged status by parties of Government.
“REITs, which have bought up many of these family homes, were introduced by Fine Gael and Labour in 2013.
“For the past several years I and Sinn Féin have been raising and opposing these tax advantages in the Dáil and calling for them to be brought to an end.
“Indeed, I have tabled amendments to the Finance Bill to end them only for these amendments to be opposed and voted against by Fine Gael and Fianna Fáil.
“In our 2020 Manifesto and past budget submissions, we have pledged to end these tax advantages and introduce a stamp duty surcharge on investment funds purchasing family homes and residential property.
“We welcome the fact that other parties now support these Sinn Féin policies, and we are calling on this Government to implement them immediately.
“The chaos in housing, which they created, must end and end now.”