Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy. The public policy position here is that we believe the stamp duty should not apply to the overwhelming majority of residential leases and that the stamp duty would be charged for other purposes. It is a recognition that since the limit was changed back in 2017 there would be more impacted properties. That is a reality given market conditions and how that has changed over the past six years or so.

We do not believe it is appropriate that more of those properties that have gone over that threshold would now come into the net and, therefore, are making the change as proposed in the Bill.