Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Speaking on behalf of those trapped in negative equity and who are being hit with these large tax bills, the Minister's response is not enough. Imagine if the tax law was to the effect that, if someone got his or her first job between 2002 and 2008, that person would have to pay an extra €5,000 in tax per year even though that would not be the case for anyone else.

I hope that not too many people will be affected, but for those in this situation, it is not a marginal issue. Their futures have been destroyed by this. Due to getting hit with a €5,000 tax bill every year, they will be stuck in a two-bedroom apartment, stuck renting or stuck avoiding tax and hoping that they never get caught, and they will never be able to sell and buy. This affects their entire future financial security.

The Minister's response referred to an amendment that I tabled on Committee Stage, which I accept was broad, but I listened to the Minister's comments and I have now tabled a very targeted measure. It only applies if a person bought an apartment or house between 2002 and 2008. The apartment or house would have to be smaller than 113 sq. m, which is the average size of a three-bedroom semi-detached house, and it only applies to first-time buyers who bought one property.

On the basis that the Minister's refusal to act is destroying people's lives ten years after a crash, what is wrong with the amendment that has been proposed? Why is it not targeted enough and why is it not sufficient to release people from the trap of a tax policy that is destroying their futures?

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