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GOVERNMENT WILL OPPOSE a motion by Sinn Féin today to increase stamp duty on the bulk purchase of homes by investment funds.
The motion will seek to implement a punitive tax (in this case stamp duty) of at least 17% on the purchase of homes by investment funds to stop the practice of bulk buying. Currently stamp duty is charged at 10% for such sales.
The move comes after it was reported by the Business Post last week that an investment fund had bought 46 out of 54 homes (85%) in a new housing estate in north Dublin.
Finance Minister Michael McGrath got agreement at Cabinet yesterday on a counter motion to the Sinn Féin Private motion which will be debated tonight.
The standard rates of stamp duty on residential property are 1% on values up to €1 million and 2% on values exceeding €1 million.
A higher 10% rate of duty comes in when someone acquires at least 10 properties during any 12-month period.
In May 2021 the government introduced a 10% stamp duty on the bulk purchase of family homes by investment funds.
However, in July 2021, the Government passed a controversial amendment to allow funds to side-step the 10% stamp duty if they lease back homes to the State for social housing.
While the government says the measure has proven to be a “significant disincentive”, Sinn Féin housing spokesperson Eoin Ó Broin said the funds are driving up rent and house prices.
Raising the case of Belcamp Manor, he said the homes will now be rented out for over €3,000 a month.
The issue was raised during Leaders’ Questions today, with Sinn Féín leader Mary Lou McDonald stating that “vulture funds” are continuing to snap up family homes across Ireland.
“Despite your promises to the contrary, vulture funds continue to snap up family homes.
“Of course you didn’t touch the sweetheart financial arrangements afforded to these funds by Fine Gael and Fianna Fail, which sees them pay no capital gains tax and not a single red cent on their obscene rental incomes.
“The truth is government policy enables and encourages these funds,” she said, adding that it is a “real kick in the teeth for those who have scrimped and saved and sacrificed for years to buy a home”.
Minister for Social Protection Heather Humphreys defended the government’s efforts to clamp down on investment funds buying up properties.
Speaking during leaders’ questions, the Cavan and Monaghan TD said the issue represents around 1% of new homes
“Some 30,000 new homes built in the last year, the number of planning permissions is way up, the number of commencements is way up.
“Mortgage approvals are at a record high, 500 first time buyers are drawing down their mortgages every single week,” Humphreys added.
“The policies of this government are working, compared to your own policies.
“Like what does Sinn Fein want to do, you want to abolish the Help to Buy scheme and that actually helped over 28,000 first -time buyers to get their keys last year, and you want to get rid of that.”
The government’s countermoton to be debated this evening sets out that institutional investment in commercial and residential property is “critically important” to generating the additional supply of homes.
It also sets out that institutional investors account for a relatively small share of the residential property market, accounting for 9% of total purchases in 2022, and 4% of all houses.
The government states that the majority of institutional purchases are being built to order for the rental sector and are not at the expense of first time buyers.
“Without the institutional investment it is highly likely that the scheme would never be built,” states the countermotion, which adds that the government is committed to ensuring that newly built houses are available to first-time buyers and owner-occupiers.
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You never know what crosses other people are carrying. To be unhappy in your own body for so long is a terrible burden. Best wishes to the author on putting the burden down and getting on with her journey.
These articles are turning people gay
There is far far more stuff in the media turning gay people straight.
Though it doesn’t seem to be working…
So you admit it.
Yup – articles like this have no effect on people’s orientation, because people’s orientation is innate.
Deirdre, John is a renowned homophobe who thought it appropriate to bring up the fact that I don’t like men on an abortion article yesterday. He is only into cheap point scoring at your expense.
Might be letting them experiment but not turning them gay…
So it is a fact that Ailbhe does not like men. As I assumed.
Also, please go easy on the homophobes. It is not their fault that they were born homophobic.
John now body Is born homophobic. That is learned behaviour as I am sure you know considering you have learned it and aced it yourself.
James
You are some mess.
That would be you John not me.
The banks do that with married people too by the way. I think dealing with banks is a whole new echelon of hell. Fair play to you.
Great article, well done.
I’m very unhappy in my body , I feel I should have a 6 pack and no body fat , actually it’s my right to have them blah blah
There are real problems in the world, and yet some people are so wrapped up in themselves that they invent an issue like being trapped in the wrong gender. It’s ridiculous that so much media attention is focused on this in order to show how liberal they are. A nonsense of a problem.
Shut up.
@contro pure ignorance and prejudice
Great article Deirdre. I especially like the point you make that your genitalia are nobodies business unless you’re in a relationship. I don’t see why people need to know what’s between somebodys legs or defines them by that. Its so immature and narrow-minded.
It really is. Doctors should guess the sex of the patient when treating. Vets with animals too.
Should we have no signs on toilet doors then?
Is the toilet door between the person’s legs? Read my comment again folks. You’re clearly struggling to understand
It’s not my point but some could argue it is.
IMac, what’s between a person’s legs is their business unless they choose to share it with others. Inuding their Dr or partner or friends or shout it from the rooftops.
Sorry, Kmac
The signs on toilet doors do not depict genitals – they depict gender presentation. So when I go to the loo wearing a dress, the signs make it pretty clear which loo I should use.
A tiny minority of the population gets a daily mention on the journal ,while families are relying on lay litigants to fight for their homes in every court in ireland and don’t get a mention.
Why don’t you start by writing an article on lay litigants or whatever your issue is (in the same way Deirdre here has written an article) and submit it to The Journal for consideration.
Great article, well done!
Excellent article well written, detailed and helpful to many. In relation to some of the comments it’s important all parts of society shares so we all become informed and educated. Well done Journal.
…. and gay.
Transgender issues are so hot right now.
The problem lies in the brain not the body, if a woman has all the in inards of a woman yet still believes she is a male, the problem lies in her head.
Mind you for that person it is still a big problem and one I am glad I don’t have!
Perhaps one day a bit of minor surgery will solve the situation or perhaps prevent it happening earlier, in the womb, who knows!
Bill, to undergo the medical portion of transition a transgender person has to be assessed by both psychologists and psychiatrists first. Do you REALLY think that you know better than the medical experts in the field?
Talk about first world problems.
A Transatlantic attack on our culture.
Transgender people exist throughout the world in every culture.
Transcontinental so.
Contro Versial what a stupid thing to say, the news reports different aspects of society there are many problems in every aspect of life and there will continue to be, I thought this article was a nice insight into how it feels for someone having to go through with it, as for Kmac stop trolling.
I’d entertain your comment if it was the case.
Just to take you up on something you mentioned in your article. You say that – post-operatively my body stops producing that dreadful hormone called testosterone. Do you take testosterone supplements along with oestrogen as testosterone is a hormone that is vital to a woman’s health just as much as it is to a man.
Margaret,
I should have said that my body stops producing testosterone in the quantities it used to.
My body still produces testosterone – but in the same sort of quantities any woman’s body does. I don’t need supplements.
Telling bikes is going too far.
It’s a legal requirement to tell them.
So you can play ladies golf now even though you are a man?
Probably and no. I can probably play ladies golf (in theory, I can compete in the olympics as female, as I’ve fulfilled their requirements for transgender people competing in our true gender). And no I’m not a man.
The estrogen I take has massively decreased my muscle mass – I’ve lost a lot of my strength – which is why I can fairly compete as female.
You’re sex chromosones are xy if I am not mistaken.
You should be hitting off the back tees. Full stop.
John – I haven’t been tested, but my guess is that I have the Y chromosome.
So what?
Ever hear of “complete androgen insensitivity syndrome”?
Ever hear of “Monkey see, Monkey do”?
Omg John …….. LEAVE HER ALONE! Get a hobby, or actually……just f**k off! And while you’re at it, have a think about how you make people feel with your appalling homophobic comments. This is a very brave and real life story. I wonder would u be as brave publicly!
Deirdre this is a honest, beautifully written story. I have nothing but complete respect for you to come out and do this so publicly! Please please please just ignore the nasty comments. You are better than that! And braver :)
Very good article. It would have been braver to have put your name to it in order to encourage those who may be going through the same thing at this time.
She did
Sorry about that. She did alright but I did not see it.
No worries
Greetings :)
Hi Deirdre. Great article. Every happiness to you.
People are who they are through their genes, the rest is psychological???
Michael
How dare you refer to science. You homophobic monster.
Yup – no doubt it’s my genes which made me transgender.
John your humour is nearly as crazy as mine, I love myths, religions, spirituality and science, now that should split the camps lol.
Deirdre, we are more than our parts, therefore we can not use them to excuse anything as free will and belief gives reason, why is just another question?
It was an operation that made you transgender.
Homosexuality being inherited is the ultimate contradiction.
“I’m Gay Like my Parents”
John – it was being transgender that prompted me to engage with the medical profession – not the other way around.
The medical profession doesn’t give the kinds of treatments I’ve received unless you are transgender. They don’t create transgender people – they treat transgender people.
People are insane.
No John, people are ignorant. You are a prime example
Actually John, as part of medical transition transgender people are assessed by both psychologists and psychiatrists. My wife is trans and has twice been declared both sane and competent. How about you?
I am Batman. I am going for surgery next week.
John,
I’m delighted for you! It takes a lot of courage to be who you truly are in the world in spite of all the pressure society puts on you to conform.
I can only imagine the psychological, psychiatric and medical tests you had to go through before being given the all clear for your surgery.
So you are going to spend the rest of your life as batman? You are going to change your legal status? You are going to re-adjust all your social interactions? I presume you are also going to change your name? It’s a lot of work, and I wish you the best.
Deirdre
Fair play to you for showing so much tolerance in the face of what may seem like intolerance.
But I assure you it is not intolerance towards you. Most gays are a victims of an attack on our masculinity as a nation. First they sexualise our children young through Disney movies etc, then they complete the process by various means as outlined below.
https://unhappygay.wordpress.com/how-does-homosexuality-occur-in-men/
Fair play to you if you are happy but please stop spreading the idea as we need masculinity to defend our land against potential aggressors, whoever they may be.
John,
Did you just seriously suggest that I read a right-wing “christian” perspective on what causes homosexuality?!
I suppose next you’ll be saying I should go to a Nazi website to learn the history of judaism?!
Good grief.
There is more to life than sex.
Excellent article, Deirdre. Congratulations and best wishes to you!
Well done Deirdre, from your old NearFm pal ;)
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