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Budget 2008.

Stamp duty simply has not kept pace with property prices increases and it has become a major barrier / cost in buying property which was not the intention when it was first introduced. It is particularly hard for first time buyers and for families who have out grown their existing house.

Abolishing stamp duty for a person's principal private place of residence should be considered and if this is not workable then there should be reduced rates.

In effect what stamp duty is doing is forcing people to look for Local Authority housing or Affordable housing. This is crazy as these people could afford a house if it were not for having to put most or all of their savings on paying a tax to buy their home!

The Celtic Tiger and subsequent boom years were triggered by the building boom. In order to keep the Irish economy we need to keep the building Industry ticking over as a serious drop in building could have disastrous effects.

In relation to stamp duty we think the following should happen:

1. Abolish stamp duty for Principal Private place of residence - or have reduced rates
2. Reduction in rates
3. Increase in bands
4. Duty should be calculated in phases using the bands available. You should not have to pay full amounts of duty once you go over a band.

November 2007