Dáil debates

Wednesday, 6 December 2006

Financial Resolution No. 1: Income Tax

 

6:00 pm

Photo of Seán ArdaghSeán Ardagh (Dublin South Central, Fianna Fail)

I am delighted at the opportunity to make a brief contribution. I will not stray any wider than Deputy Gilmore has done. There are many favoured employees of financial institutions who get loans from the financial institution at no interest charge. There is a benefit-in-kind at which this financial resolution is directed. I do not think any of the employees of these financial institutions, many of whom live in the leafy suburbs of Deputy Gilmore's constituency, will complain too much about the increase of 1%. This applies not only to mortgage loans but ordinary loans that these people sometimes take out to buy cars. That is included here where the rate is increased from 11% to 12% as well as the increase from 3.5% to 4.5% for the mortgage.

In regard to home loans generally, the Deputy said stamp duty is a cruel deception. At all times the Minister for Finance, Deputy Cowen, has stated that this is not the time to raise the stamp duty issue.

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