Householders’ pockets will be further pinched with a new Property Tax. The tax, which will eventually be based on the value of the site a property is built on, will initially be introduced at a flat rate of €100 levy (as a taster) on each household from 2013.
Speaking on the subject of a Property Tax back in July, Minister for Finance Brian Lehihan said; 'We’ve seen a huge reduction in the value of property so that the capacity of the capital taxes to raise money has reduced according’... ‘If you keep endlessly increasing taxation, you will destroy confidence in the economy’ he added. - So much has changed.
The ESRI said that homeowners who had bought their house and paid stamp duty in recent years would need to be given a waiver, as they should be regarded as having already paid a property tax, but Jim Ryan, a partner at accountants Ernst & Young, said: “There is no provision for a credit for stamp duty paid in recent years against the site charge.”
Personal finance experts last night warned all new taxes, levies and charges will squeeze ordinary families further and push many over the edge financially.
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