Matt Shanahan (Waterford, Independent) | Oireachtas source

I thank the Minister. He has signalled the matter will be considered in the budget but he needs to do some kind of novel review of taxation strategies. This is a significant problem. The people getting out of the sector are older and younger people do not have the ability to replace them. They certainly do not have the ability to come in with 30% or 40% of equity to buy a buy-to-let property. Young people do not have the ability to save that type of money. The market is now favouring institutional investors. As I said, closed companies in this country can end up paying up to 70% in taxation on their rental income. That is not sustainable. Those companies have money and could be invited into the sector. Perhaps personal retirement savings accounts, PRSAs, need to have an ability to bring capital assets into the pension funds. They are not allowed to do that at the moment. They are precluded from doing so and are only able to buy investment properties and equities. Perhaps it is time to look again at some of the sectional reliefs that were in place many years ago to try to give a substantial tax write-off for investment in rental properties.

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