Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The measure is essentially aimed at entities that deal in land or develop land for non-residential purposes. Not all entities deriving value from property will be affected. For example, a hotel business, car park business or office rental business might be carried on by a company. Although the greater part of the value of such businesses might be attributable to their property assets, the sale of such companies by sale of their shares will continue to be chargeable to stamp duty at a rate of 1% because they will not have acquired or developed the property with the sole or primary aim of making a profit or gain from its disposal but from using the property for its core business.

This is an anti-tax avoidance measure that is being introduced. I wrote to the relevant Opposition spokespeople to explain the background to the measure and why we are introducing it. I commend the measure to the House.

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