Mick Wallace (Wexford, Independent) | Oireachtas source

If a developer gets planning permission and just wants to flip the site, he or she has a grace period before the levy is payable. If the developer waits for 11 months and then flips the site, does the buyer also get 12 months' grace? Do they keep flipping the site? A good, healthy stamp duty comes into play there. In that context, I paid €500,000 in stamp duty on the Dominick Street site to which I referred earlier. The Government has seriously reduced stamp duty which actually encourages more flipping of sites. I will not go into too much detail now but many of the big players avoided paying stamp duty back in the boom times. A number of different vehicles were used to avoid paying stamp duty and they were legal, unfortunately. That is a different issue.