These financial resolutions set out measures which build upon previous budget measures in broadening the tax base and forming part of a move away from taxes on labour and consumption to wealth and sources of wealth. Financial Resolution No. 15 provides for a major reform of the change to stamp duty on transactions of residential property. The change involves simplification of the system by lowering the rates of stamp duty and abolishing a number of exemptions and reliefs. The stamp duty reforms, as announced by the Minister for Finance in the budget, have two aims - stimulation of the property market and commencing the necessary infrastructure for the commitment in the national recovery plan for a site valuation tax.

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