Chartered Accountants call for stamp duty already paid to be taken into account when deciding on property tax

Chartered Accountants call for stamp duty already paid to be taken into account when deciding on property tax

Chartered Accountants Ireland has urged the Minister for Finance to take into account the level of stamp duty homeowners have already paid when deciding what they should pay in property tax.

The comments were made in a pre-Finance Bill submission by Chartered Accountants Ireland, as a member of the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I), to Michael Noonan.

A new household charge was introduced at the start of the year with a flat rate of €160 for all 1.6 million householders in the country.

People have until March 31st to register for the controversial charge, which will be replaced by a full blown property tax either next year or in 2014.

The full property tax is expected to include fees for water rates and how much you pay is likely to be based around the value and size of your property.

The criteria for the proposed new property tax is likely to be decided in the forthcoming Finance Bill but CAI feels that people who have already paid stamp duty should have that taken into account when what they have to pay is decided upon.

In their submission the CAI also suggests that the new rules in relation to the curtailment of property reliefs takes into account the taxpayers commitments in relation to funding the properties.

The full submission can be read here.

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