Report to Examine if a Property Tax Should Replace the Household ...

Anyone who forked out wads of cash on stamp duty may escape paying the new property tax which is due to be introduced next year.

The property tax would replace the already controversial household charge.

But Junior Finance Minister Brian Hayes says people shouldn?t get too excited as he is still awaiting the findings of a report which is examing the best way to implement the tax.

The Government have appointed an expert group to examine the proposal and report back with recommendations by this summer.

During the boom years, thousands of people forked out extortionate money for stamp duty, when buying their new home.

Finance estimates show that in 2006, the exchequer collected over 1 thousand and 300 million euro on residential property alone.

It?s thought the Government may now be considering exempting those who paid high levels of stamp duty during the boom years, from paying the property tax for a period of time.

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Posted April 7, 2012 12.20PM

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