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.
— Eoin Ó Broin (@EOBroin) July 7, 2021
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
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.
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