Finance Minister Charlie McCreevy has back-tracked on the introduction of an anti-specualtive property tax and will not now introduce it.
The move comes on the back of an increasingly soft property market. Announcing the move McCreevy said ‘In light of the develpoments in the housing market since last summer, the Government does not consider it necessary to go ahead with this measure.’
The rate of stamp duty on new property is also to be reduced to 3 per cent for on properties up to IEP150,000. |
