Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

This relief, cumulatively, will cost more than €500 million. The Minister said there is an element of deadweight cost. His officials told and warned him that there would be substantial deadweight elements. They drew comparisons between it and the Celtic tiger tax breaks provided the last time we had a Fianna Fáil Minister for Finance, warning, in their words that, "Previous experience in the not-too-distant past was that such measures were ultimately disastrous". Those are the words of the Minister's officials. They were clear that the evidence did not support the case that tax is a primary factor causing people to exit the rental market or in dissuading people from entering it. They also noted that many landlords are selling up to cash out given the soaring house prices seen under the Minister's Government, as well as those accidental landlords who are seizing the opportunity to sell now given they are no longer in negative equity. The Minister's Department has said this relief will not be effective and will provide a tax break to landlords who have no intention of leaving the market.

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