Society of Chartered Surveyors calls for tax cuts to boost housing supply
What happened
The Society of Chartered Surveyors of Ireland submitted a pre-budget proposal to Government calling for tax cuts and regulatory relief to address vacant properties. The society argues that taxes and regulations increase the cost of restoring vacant buildings, making conversions less viable for builders. The proposal specifically calls for capital gains tax cuts, relief on rental income and mortgage interest payments, and a reduction in the 7.5 per cent stamp duty for vacant commercial properties.
From irishtimes.com
Why it matters
Experts argue that cutting taxes and levies on renovating vacant buildings could be a cost-effective way to boost housing supply by restoring unused properties to use. The society contends that current building regulations and planning requirements are unsuitable for older vacant structures.
From irishtimes.com
Who's involved
- governmentThe recipient of the pre-budget submission regarding tax and regulatory changes.
- stateThe location where unused properties blight towns and villages.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- corporationSpeculative
Corporations might see reduced operational costs due to proposed tax cuts and relief on stamp duty for refurbished buildings.
- governmentSpeculative
Government could face policy pressure regarding fiscal and administrative changes aimed at increasing housing supply.
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The entities involved
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state
organised community living under a system of government; either a sovereign state, constituent state, or federated state