Friday, 30 April 2021
Nithe i dtosach suíonna - Commencement Matters
I thank the Senator for his remarks. The gist of what I said referred to people who were downsizing, as mentioned by the Senator. I took that to mean parents who were selling a house and downsizing to a smaller house. The Senator raised the example of people in an apartment, perhaps an expensive one, who want to sell it and move on to more suitable accommodation. That is a point I did not particularly cover because I was dealing only with the downsizing aspect the Senator mentioned.
Every €1 counts in a decision to downsize. I would, however, draw the Senator's attention to a recent paper from the Department of Finance and the Department of Housing, Local Government and Heritage on the results of a survey of homeowners over the age 55 on their attitudes towards downsizing. The results show that of those who were unwilling to downsize, only 3.8% cited transaction costs or financial reasons as a barrier to moving. There are many other issues that prevent the mobility about which we are talking. In light of these findings and given that the benefits of transparent tax structures are widely recognised, I can confirm that the Minister has no plans to make changes of the type suggested by the Senator.