Neale Richmond says call to double stamp duty on vulture funds 'is not electioneering'
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A Fine Gael junior minister has denied that his call for increased stamp duty on vulture funds is electioneering, despite the government rejecting such plan earlier this year.
Neale Richmond, the junior finance minister, said he wants the measure to be introduced in the upcoming budget. However, he said that if Finance Minister Jack Chambers does not proceed with the plan, his priority will be to include it in Fine Gael's upcoming general election manifesto.
At present, institutional investors that purchase more than 10 homes in the same development within 12 months must pay a 10% tax. Mr Richmond wants this doubled to 20%, going beyond a Sinn Féin proposal last January to increase it to 17%. Mr Richmond took the Sinn Féin motion for the Government and tabled a counter motion.
He told RTÉ's programme that the Taoiseach Simon Harris favours the idea, but he had not discussed the measure with Mr Chambers or Housing Minister Darragh O'Brien.
A Fianna Fáil source said that Mr Richmond was "on manoeuvres" ahead of a general election and Fine Gael was now "trying to take credit" for increased output in housing despite "not wanting to touch the portfolio" in 2020.
Mr Richmond denied this, saying there were "600 homes" which had been purchased by investment funds that could be purchased by families or first-time buyers.
"This is about going into the budgetary process and in due course, planning out what we want in terms of delivering homes in the coming months and in due course, for the next five-year term," he said.
Fianna Fáil sources were also angered as they feel that Mr Harris is "announcing the budget before Jack gets a chance to" amid a feeling that the Fine Gael leader is attempting to take credit for Budget 2025.
Last week, Mr Harris told an Ibec dinner that Budget 2025 would include "significant" tax measures.
He added that the USC surcharge on self-employed income is "unfinished business" for Fine Gael and must be abolished.
"This is a vestige of austerity and it must go," the Taoiseach said, calling it a "perverse state of affairs" that those who risk the most are penalised the most.
A spokesperson for Mr Chambers said he will "discuss all budget-related matters with party leaders in the coming days and weeks".
"The Department of Finance has conducted a review of stamp duty for bulk purchases which will be considered by the Minister for Finance and Government ministers in the coming period.
"As budgetary negotiations are ongoing it would be inappropriate to comment until such matters have concluded. Budget 2025 will be delivered on October 1."
A spokesperson for Mr O'Brien said that under the current rules, almost 20,000 homes were recorded as ring-fenced for owner occupiers in the last year alone.
They said that this measure "would be kept under review".
"Minister O'Brien understands a review is being carried out by the Department of Finance and awaits its completion."