Investment Funds Exempt From 10% Stamp Duty If They Lease Homes To The State.

Thursday, 8 July 2021 09:19

Finance Minister says it is needed to ensure the supply of more social housing.

So-called cuckoo funds will be exempt from paying 10 per cent stamp duty if they lease the homes to local authorities.

The measure was voted through in the Dáil last night.

The charge was announced in May after concerns were raised about institutional investors bulk-buying homes.

There it is for all to see.

FF/FG/Greens vote for a TAX BREAK for Cuckoo Funds to reward them for snatching up family homes.

This government has turned their back on people, again. pic.twitter.com/1GuQifwGeq
— Eoin Ó Broin (@EOBroin) July 7, 2021

Sinn Féin's housing spokesman, Eoin Ó Broin, is strongly criticising the government.

The Dáil has passed a controversial amendment that allows funds to side-step 10% stamp duty if they lease back houses to the State for social housing https://t.co/pMsy0pT0DD
— TheJournal.ie (@thejournal_ie) July 7, 2021

Finance Minister Paschal Donohoe told the Dáil last night the exemption's needed to ensure the supply of more social housing

People Before Profit TD Paul Murphy says last night's decision was a disgrace.

Experts say investment funds should not be exempt from taxes.

The government is under pressure after voting to allow so-called "cuckoo funds" avoid a hike in stamp duty.

Paul O’Donoghue explains.

More from National News

Sharp Rise In M9 Collisions With Garda Call-Outs Up Year-On-Year

The figures, provided by An Garda Síochána, show a sharp increase compared to previous years.
Councillor Seeks Clarity On How Often Nightclubs and Late Bars In Naas Are Inspected For Fire Risks

Kildare Fire Service says all venues applying to renew their annual dance licence through the District Court were inspected in advance of the hearings.
New Figures From CSO Reveal How Much International Protection Applicants Earn Compared To Average Worker In Ireland

The data also found that a majority of asylum seekers entered the workforce once permitted to do so
Unpaid Eight-Month Work And Training Placement For Adults With Disabilities Branded "Extremely Unfair"

One Kildare mother told Kfm News that their child had been attending structured placements each weekday, typically from around 9:30am to 3pm, and in some cases carrying out tasks for up to two hours at a time - but are not receiving any form of payment.
Department Of Education Defends Kildare SNA Cuts Amid Claims Of Reduced Need At Some Schools

They said there "are many reasons why the level of need for SNA support in schools may fluctuate including falling enrolments, reduced or increased care needs and changing demographics as children move from primary to post-primary schools".
Naas Nurses Threaten Escalation As Staffing Row Deepens

Nurses spoke to Kfm News this week about issues they are dealing with on a daily basis.
Driving Tests Face Disruption As RSA Testers To Strike Next Week

The driving test centre in Naas is the only driving test centre in Kildare and attracts candidates from Kildare, Dublin, Wicklow and Laois.
Jury Delivers Not Guilty By Reason Of Insanity Verdict In Ballyfin Demesne Strangling Case

31-year-old Henry McGowan, from Brooklyn, New York, was found to be having a psychotic episode when he strangled his father to death at the 5-star hotel.