A CHANGE IN the way landlords are taxed is vitally needed as part of the Budget in order to keep existing landlords in the market and attract new ones, Housing Minister Darragh O’Brien has said.

The Minister said he pushed for tax treatment changes for landlords in last year’s Budget but that he was unsuccessful in his bid. 

He hopes to get changes over the line as part of this year’s Budget while also pushing for further supports for renters through the rent tax credit.

“You don’t get everything you want in every Budget and that’s what coalitions are about.

“The difference this year is that the Government have already made a decision – and Minister McGrath is at the forefront of this – that we will bring forward meaningful and effective measures to retain and attract landlords in the market,” O’Brien said.

He said it is “crucial” that the change is made in Goverment and added: “the Budget will affirm the Government decision that has already been made.”

However, he refused to give further details of the specific changes proposed. 

When asked by The Journal if landlords who stand to benefit from tax breaks will need to commit to keeping their property in the rental sector to ensure security of tenure for renters, O’Brien said:

“They are matters that are being looked at actively and we want to secure tenancies for people, that’s why we pushed Cost Rental so hard. So the area of conditionality will be looked at as well as part of whatever tax changes we will be making.”

O’Brien spoke to reporters today in Tipperary after giving Fianna Fáil parliamentary party members a private update on Housing for All. 

O’Brien was joined by Senator Pat Casey, Senator Mary Fitzpatrick and financial adviser Paul Merriman from AskPaul.ie who gave TDs and Senators an overview of what he is seeing with mortgage clients.