Stamp Duty changes ‘don’t go far enough’

Blue Sky Mortgages, Ireland’s leading mortgage broker network has welcomed the most recent changes to Stamp Duty tax as announced last week by the Minister for Finance but has also argued than an opportunity was missed to conduct a more wide-ranging overhaul of the current regime.             Aidan Kelly, Director, Blue Sky Mortgages said, ‘A small number of first-time buyers will be helped by these changes, however the majority of these will be urban-based, particularly in Dublin. There will be a limited effect outside of the main urban centres. On the plus side, the government is at last recognising some of the unfairness of this tax.’             In advance of the recent election, only the Fianna Fáil party stated that changes to the tax would be limited to first time buyers. The other main parties promised more wide-ranging reforms that would positively impact on those trading up or trading down.             Aidan Kelly said, ‘More help for families moving up to their second home would have been welcome. This is the level when properties outside of Dublin really to begin to be affected by the tax. Also, many retired homeowners would consider trading down to a smaller house in order to increase their retirement income. However they are put off by stamp duty costs.’             Blue Sky Mortgages, which was established in July 2006, is now one of Ireland’s leading mortgage broker brands. It was formed by a group of independent Mortgage brokers who joined forces and now operate 24 offices nationwide with further expansion underway for the months ahead.             For further information contact your local Blue Sky office at Academy House, Goff Street, Roscommon on (090) 66 34181.