Noonan considering stamp duty cut

Minister for Finance Michael Noonan has said Ireland?s rate of 6 per cent compares to 1 per cent in London

RONAN McGREEVY at the Global Irish Economic Forum

A drastic cut in commercial rates of stamp duty could be considered by the Government in the next budget, the Minister for Finance Michael Noonan has said.

Speaking before addressing a closed session of the Global Irish Forum at Dublin Castle this morning, Mr Noonan said delegates had impressed upon him that Ireland’s rate of commercial stamp duty is not competitive.

He said Ireland’s rate of 6 per cent compares to 1 per cent in London. That meant that an American investor, for instance, investing in the Dublin market would have devote a considerable proportion of his profit to pay stamp duty first.

Mr Noonan added that the commercial property market in Ireland is controlled by the National Asset Management Agency (Nama).

He cautioned that it was only something that arisen at the forum that could be considered and it was not a given that it would be introduced.

“If we were thinking of changing that, now it is a good time because our take on stamp duty is so low anyway. It is always at the bottom of the market that you can change things,” he said.

Mr Noonan hoped that three or four big ideas could come out of the forum which would feed into a jobs initiative being launched next April by the Minister for Enterprise Richard Bruton.

“Every idea will feed back in there and be scrutinised,” he said.

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