Martin Mansergh (Fianna Fail)

It cites an estimated cost of approximately €300 million; numbers benefiting "not available". That is very eloquent because if one were to abolish the duty on first homes the Construction Industry Federation might well be the sole and entire beneficiary, and that might be why numbers are not available.

The motion proposes a simplistic solution but one must consider its effect and who will be the real beneficiaries. The same applied to mortgage interest relief. There are no property taxes here, bar capital acquisitions tax and so on. In Britain there is an annual council tax of approximately €1,500 which would add up to a significant sum over ten years, let alone a lifetime. Homes are not exempt from capital acquisition tax when they are handed on to families. If they are valued at £300,000 or more one pays tax. I do not hear any proposals from the Opposition for a property tax here.

I note Senator Ross is here but unfortunately I do not have the benefit of having heard his contribution.