Michael Fitzmaurice (Roscommon-Galway, Independent) | Oireachtas source

One would now need 33 such cattle to buy a middling car. That is how times have changed.

We have to be mindful of businesspeople. Members encourage people, in particular in rural areas, who run businesses such as hardware stores, small shops or pubs and tell them to be entrepreneurs. Many of their premises will be bought for €200,000 or €300,000. The increase in stamp duty encourages them to go off to Australia if they want and not to go into business because they would now pay an extra €12,000 duty on a purchase of €300,000. People have come to me who bought land last February and March and paid their deposit and completed the first bits of contracts but there was a hold-up and problems with the purchase. Clarification of this issue is badly needed. Those people would have gone through with the purchase before this measure was announced if everything was right but they have been left in a quagmire and, unfortunately, it looks like they are going down the road. Some such people borrowed to their limit. Some others might not understand that. A purchaser might have been bidding at an auction and made an extra bid, possibly to try to give a future to their children. Some have gone to the banks and could not get the extra money. Sales are in jeopardy.

The Minister should go around the country and look at the small towns in which every Member is trying to encourage people to turn on a light in a dark area of town. It gives all Members great heart when that happens, no matter what side of the political divide he or she is on. Unfortunately, this measure has come out of the blue. The Minister for Agriculture, Food and the Marine, Deputy Creed, said on the evening of the budget that it does not affect farms. That was quoted to me by members of the Opposition that night. We must be very clear that that is what he said. Unfortunately, no one realised that residential and non-residential property are affected. Many people have been caught in the crossfire. Solicitors have put letters in newspapers about the problems it has caused and auctioneers have told us about them.

I welcome the measures taken by the Minister in regard to consolidation and I am not taking from that. I also welcome the abolition of the age limit of 67 in respect of intra-family conveyance or transfer. I applaud the Minister for that.

The amendment quotes the figure of €300,000. One will not buy a 2,000 square foot hardware store in Dublin for €300,000 but one could buy such a store for less down the country because, unfortunately, in some areas no one wants to open businesses. When we encourage a person to open a business, we should not kick that person but, rather, should be pro-business. I acknowledge that the Minister is fond of making sure things are pro-business. We should send out that message rather than telling people that €12,000 has, unfortunately, been put out of their reach and they can say goodbye to it.

I want doors to be opened in towns. I want young farmers to come back to the land rather than it being deserted. I want rural Ireland to thrive, as it can. Some good measures have been implemented. I am not criticising that. My God, we need to deliver this amendment for those who are affected because the stamp duty increase sends out a signal that they are going to be further crucified. There is revenue of about €12 million or €14 million per year on stamp duty on land purchases. Are we going to run youngsters off the land? While €12 million or €14 million might not be a lot for a country, €12,000 or €14,000 could be the difference between a youngster taking over the land or staying in some city in some country. Unfortunately, we have lost many youngsters to immigration, in particular from the west of Ireland. We are trying to bring them home and there are some good incentives in place such as the young farmers scheme. I ask the Minister to rethink the stamp duty increase and allow an exemption up to €300,000. If he wanted to make it higher thereafter, I would support him but I ask him please to give people that opportunity.

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