Kieran O'Donnell (Limerick East, Fine Gael)

I wish to refer to something that has arisen in practice in the context of section 60. The residential housing market is not moving at the moment, but many young couples have bought homes. They took a risk, although people said the market was still falling. In many such cases, people were advised to close and pay stamp duty at 1% prior to the budget, whereas they are now paying 4% or more. The people in this group need some relief. In some cases, they will have to pay additional stamp duty of between €10,000 and €15,000 or €16,000. The reference to "on or after 8 December 2010" is a penal provision. There is merit in the argument that it should be amended to read "on or after 30 November 2010". That would give people a week's latitude. We need to consider cases in which sales had not been closed, or were still conditional, on 8 December last. I have contacted the Department of Finance on many occasions to raise this real issue, which affects young couples buying residential homes.

I intend to introduce an amendment to deal with this matter on Report Stage and I look forward to doing so. I ask the Minister to address it during the Committee Stage debate on section 60. Perhaps he can give favourable consideration to the introduction of a transitional arrangement to assist people who bought a family home - as opposed to a property - "on or after 30 November 2010". If he moves the cut-off date back a week, he will give them some relief. We are not talking about property speculators. We are talking about those who are paying for the mistaken policies of the banks and the Government. They are buying homes, in many cases on the basis of advice, and thereby bringing stamp duty to the Exchequer. I do not think the level of stamp duty should be penal.

I would like to hear the Minister's views on the amendment I intend to introduce on Report Stage. I am aware that people have been making representations to the Department of Finance on this issue. It is fair and reasonable that we should assist young married couples and partners who are under enormous pressure at the moment. Some of them have young children. Their pay packets have been decimated in the last month. Rates of child benefit have been cut. The mortgage repayments of some young people have increased. Many young people do not have job security. Some of them are facing the prospect of unemployment. They see stamp duty as dead money because it is going to the Exchequer. I would like to hear the Minister's comments. I know he is aware of it. I hope to introduce an amendment on Report Stage to address it.

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