THE "MAGIC FIX"...HOUSING CRISIS

 

 The fallout from the Eviction bill has made itself evident all across the country.

 

I propose the following...

 

• I believe Irish Property bought by Foreign agents since 2008 should pay 75% tax on gains from sales (foreign vulture tax)

 

• I will lobby to introduce an (Irish vulture tax) on sales

 

                                                       @25% if over 2 times or 2x the value paid since 2008

                                                       @30% if over 2.5 times  or 2.5x the value paid since 2008

                                                       @35% if over  3 times or 3x the value paid since 2008

                                                       @40% if over 3.5times  or 3.5x the value paid since 2008

                                                       @50% if over 4 times or 4x the value paid since 2008

 

• I believe property tax should only be paid on properties lying idle, i.e. not for sale or rent.

 

• I will lobby to introduce a special Vulture property tax on any properties bought since 2008 that are lying idle @25% of property value paid per year.

 

I will introduce a RENTAL CAP TFA PLAN(RCTFA) that is between 1.5 times or 1.5x and 2 times or 2x the value of property the landlord/agent bought it for.  This will allow landlord/agent to add their property gains to an annual tax free allowance which can be subtracted from gross income leaving their taxable income. However choosing this option will not allow a landlord/agent to add their receipts for wear and tear to their annual TFA.

 

I will introduce a WEAR AND TEAR TFA PLAN(WATTFA) that is up to 1.5 times or 1.5x the value of property a landlord/agent bought it for.  This will allow landlord/agent to add gains and receipts of wear and tear to an annual tax free allowance which can be subtracted from gross to leave their taxable income.

 

 

RCTFA example: if mortgage was/is 400euro pm the RCTFA is 2x capped@800euro pm,  This will mean that up to 400europm can be added to an annual TFA on Landlord/agent salary/gross income subtracting this TFA from gross salary will leave taxable income. However landlord/agent will not enjoy the wear and tear tax free allowance and will not be able to add receipts to their annual TFA.

 

WATTFA example: if mortgage was/is 400euro pm the WATTFA is 1.5x capped @600euro pm. This will mean that a landlord/agent will be able to add all receipts of wear and tear to their annual tax free allowance and up to 200europm gains.

 

Landlord/agent will be able to choose between the 2 rental cap options on a per property basis

 

Any properties where the value paid for is unknown i.e. squatted/acquired without proof of purchase will have to be valued before either rental cap option can be implemented and will be emergency taxed @75% until landlord/agent does get the property valued. Landlord/agent must choose either one of the 2 rental cap options before getting their property valued  Emergency tax  can be claimed back after property is valued.

 

Landlord/agent that does not adopt either one of the rental cap options will be fined 150,000euro per property and the state will seize their property on a per property basis.

 

landlord/agent annual TFA can not exceed 25% of gross income .

 

• I am 100% committed to abolishing CAT (inheritance tax) on a maximum of 1 house (family home) and up to 200K for all Irish citizens. (may not be in 1st budget)