Sir, – John Deaton rightly criticises the levy on concrete blocks which means that new house buyers will ultimately foot the bill (Letters, September 30th).
But what is the alternative?
An annual property property tax at a similar level to other western countries?
Even (or rather especially) leftist parties are against this.
Perhaps the Government could extend capital gains tax to those lucky enough to have made enormous unearned gains from selling their residential property (not because of any investment foresight but simply due to low interest rates, population growth and general increased prosperity)?
It’s never going to happen!
The constant queries on the Fair Deal scheme to your personal finance Q&A columnist Dominic Coyle show again and again that for Irish society (and not just the middle class) property is sacrosanct and the economic value accrued therein even more so.
It’s not all illogical.
For most people, investing in shares or exchange-traded fund (ETFs) makes little sense due to the deemed disposal tax system.
So for all but the most adventurous investors, residential property is the only game in town. – Yours, etc,