Papers are being prepared by the Department of Finance Tax Strategy Group ahead of the Budget (stock photo)Millionaires and Cuckoo Funds could be hit with a stamp duty hike in October, under policies being considered by the Department of Finance. A 1pc surcharge added to acquisitions by investment funds would have raised in excess of €3m in 2019, according to estimates from Revenue. Here, the standard 1pc and 2pc rates apply on all residential property bought by occupiers or investors, domestic and foreign. However, officials said any higher tax for Cuckoo Funds could be passed on to tenants in the form of higher rents or service costs. The tax break allows investors to claim back stamp duty on those land deals if they build homes for sale or rent on the site by the end of 2021.

Source: Irish Independent September 14, 2020 17:02 UTC