John Minihan (Progressive Democrats)

Proposals on stamp duty reform were put forward by the Progressive Democrats, and other parties, despite their initial jitters on the subject, have entered the debate. Following our considerations in September, stamp duty reform became an issue of political prominence and reductions in tax for low to middle income earners remain a priority for my party as we prepare for the next general election. The choice for voters after the next general election is clearly between a coalition involving the Progressive Democrats which is committed to tax reductions or a coalition which, at best, is committed to keeping income and corporation tax at current levels.

We have focused some attention on the effects of stamp duty on principal primary residence and, particularly, its effect on couples with children seeking to move home. Among the solutions we discussed were the abolition of stamp duty for moving home, a reduction in stamp duty rates, the banding of stamp duty rates across the rates and the option of allowing stamp duty to be paid over the lifetime of the mortgage. We recognised and articulated our contention that stamp duty is an issue of huge concern for thousands of home owners and would-be home owners throughout the country. Furthermore, the Progressive Democrats stated our belief that there is scope for significant adjustment to the stamp duty regime as it pertains to home owners. We stated clearly our intention to address the issue in our election manifesto which will be published early next year. This stance is totally in keeping with a party that has always advocated a fair taxation policy. We must accept that a fair taxation system is not only more just but more successful because with fairness comes compliance and a greater revenue for expenditure on social provision. I am delighted the parties opposite agree with out taxation policies and concur with our policy for a review of the stamp duty regime.