A Sligo Leitrim TD has accused the government of turning their backs on first-time buyers by performing a dramatic U-Turn in relation to extra stamp duty being charged to property developers.
A Government proposal that was passed last night will now result in the 10% stamp duty not applying to so-called cuckoo funds who rent the homes to councils.
The Government has denied it is incentivising the purchase of homes by investment funds through a “sneaky” amendment to a Finance Bill.
Under new planning rules announced in May, a 10% stamp duty for bulk purchases of 10 or more properties will apply to any purchaser.
The Government claims the measures will act as a deterrent to cuckoo funds and that any investor attempting to avoid them will be caught.
However, an amendment to last night’s allows investment funds to buy up properties and rent them back as social housing.
Leitrim-based Sinn Fein TD Martin Kenny is highly critical of the move.
