We need you to make contact with your local representatives (by phone, email or personally) specifically FF, FG and the Greens over the next few days to lobby for change to the penal tax treatment of the sector. Please outline your financial issues.
Attached is the IPOA Pre-budget Submission and our key asks are below.
- The IPOA recommends that a new rate of tax on residential rental income of 25% (inclusive of USC and PRSI) is introduced for residential rental profit, as a means of dealing with the housing emergency. This action will encourage private investors to stay in the market and support new investment.
- The IPOA supports tax relief for property owners who remain loyal to the market. Owners who commit to remaining in the market for a period of seven years should enjoy a CGT relief when they eventually exit.
- The IPOA is seeking a reduction in Capital Acquisitions Tax (CAT) on the inheritance of residential investment properties.
You may also wish to highlight some of the following;
- Rent Pressure Zones limited income without limiting outgoings. Inflation is averaging 7% and mortgage interest rates have increased resulting in the unsustainability of the rental property.
- Issues around the complexity of the Residential Tenancies Act and length of time taken for dispute resolution.