Michael D'Arcy (Wexford, Fine Gael)

In the context of section 60, which provides for the termination of property reliefs, I wish to raise the transfer of a portion of land from a parent to a child. It is primarily a rural issue. It is particularly unfair and unreasonable to remove this property-based tax relief at a time when the banks are closed, the rate of stamp duty is being increased in some cases and we are trying to get some people back to work. Those who are not lumbered with the cost of purchasing a site are among the few who can currently proceed with the construction of a property. The Government is proposing to remove the tax-based relief they currently enjoy. It is particularly unfair that such people will now have to pay stamp duty. If we are serious about encouraging some movement in the property market, we need to look at this. While this problem applies mainly to rural Ireland, it can also have an effect on urban Ireland. If somebody has an urban dwelling on a large site, he or she may be fortunate enough to have enough space to build another property. The Leas-Cheann Comhairle will be familiar with such cases in Wexford town. In such circumstances, the proposed extinguishing of this tax-based relief will kick in. I ask the Minister to consider this, taking into account that we must get people back to work. I would like to hear from the Minister how much income this is likely to generate for the State.

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