Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I would appreciate the Minister of State's clarification on the meaning of "consideration paid". There are amendments before the committee that clarify that it should be apportioned. There is no clarification in the legislation stipulating consideration paid would be apportioned. It is a small matter.

The 20% appeared as a result of the Central Bank's consultation on loan-to-value ratios. There is actually no requirement in the legislation for somebody availing of the relief to take out a mortgage. The basis is that people need to save 20%, and that may change, as we heard the Central Bank suggest. However, the premise is that people have to save 20% to get a mortgage in the first place. Therefore, we should not be hitting them with DIRT as they try to reach that 20% target. There is actually no requirement on any individual to have a mortgage. The reason I say this is that until now, much of the market has involved cash buyers, people who are cash rich. People who can well afford to buy property and do not have to save for a mortgage will also be able to avail of the DIRT exemption. I am curious to learn why the measure is not targeted solely at people who, as a result of the Central Bank rules, or suggested rules, will have to save over a protracted period.