Finance Bill measures increase Ireland’s attractiveness for foreign investment in Irish property – Deloitte
Measures will broadly level the playing field with UK for foreign investment
Today’s Finance Bill gives effect to a number of positive measures with regards to the property industry according to Padraic Whelan, Head of Real Estate and Infrastructure at Deloitte.
“The Finance Bill has brought through the changes announced by the Minister in the Budget relating to property. A 2% rate of stamp duty on commercial property together with a capital gains tax exemption for properties held for seven years will make Ireland an attractive proposition for foreign property investment.
“Our UK neighbours exempt property investment gains for non-residents with the result that capital flows in and out of the UK more easily. This measure will level the playing field to a large degree. It is very likely that we will see a number of transactions in the near term and there is substantial interest from foreign investors given the significant downward correction which has happened over the last several years.
It’s a positive and clever move which will help our country’s recovery.”
For full analysis of the taxation measures announced in the finance bill please visit www.deloitte.com/ie/financebill
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