I call on the Minister for Finance to revise downwards the rate of Capital Gains Tax on the sale of development land to ensure more land becomes available to deliver the housing this country needs.
“Presently, Capital Gains Tax is set at a rate of 30% and is a major deterrent to landowners making land available for residential development”.
This penal rate was introduced at a time when developers were speculating but now, we need land to build houses.
“We can have all the great plans, but we need to incentivise people to make their land available as a reasonable price so that we can provide housing for first time buyers which is affordable”.