Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 44:

In page 45, between lines 19 and 20, to insert the following:

“ ‘completion value’, in relation to a dwelling, means the price which the unencumbered fee simple of the dwelling might reasonably be expected to fetch on a sale in the open market were that dwelling to be sold on the relevant completion date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the dwelling and with the benefit of any easement necessary to afford the same access to the dwelling as would have existed prior to that sale;”.

This relief is confined to DIRT paid on savings up to a maximum of 20% of the purchase price of the house or apartment in the 48 months prior to the purchase date. Where the property is self-built, relief is confined to DIRT paid on savings up to a maximum of 20% of the completion value of the house in the 48 months prior to the completion date. The relief is confined to 48 months in line with other revenue reliefs. Section 17 of the Finance Act 2003 made changes to the time limits within which an assessment or an amended assessment can be made on a person. The section made a number of changes which effectively provide for reductions in time limits to four years for making of assessments and inquiries with effect from 1 January 2005. The Minister for Finance does not intend to increase the relief period and therefore he is not in a position to accept Deputy McGrath's amendment No. 49.