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Fine Gael stamp duty proposals will only further line the pockets of property developers

14 April, 2007

Sinn  Fein  Ard Chomhairle member Pearse Doherty speaking as the party finalised its election preparations, spoke out against  Fine Gael's proposals to amend stamp duty.  Mr. Doherty described the proposals as “ill-thought out” and said that they would do “nothing for house-buyers  but  would  benefit property developers who would simply increase their prices to take account of stamp duty costs.”  He was speaking following a party leadership meeting to finalise election preparations.

Mr. Doherty said: “Fine Gael  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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