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

The 10% stamp duty rate is ten times what is applied under the standard rate.

It is one third higher than the stamp duty rate that applies for commercial property. It is many times higher than the standard rate of stamp duty because of the intention I have to deter these kinds of purchases in the future. Of course, it must be seen in conjunction with the other aspect of that policy, namely, that it applies to ten or more houses that are purchased. That is the other part of the policy that is put forward. The only reason I put this policy in place is to get the balance right between trying to deal with an issue I accept needed to be dealt with, and allowing the supply in the future of more homes which will be apartments. If we were to extend this practice to forward purchases as well, the net effect would be fewer homes built for people in the future. I do not want to see that. I want to see more homes available. That is why the policy we have in place gets the balance right.

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