Large stamp-duty bills may exempt some from new property tax - report

People who paid large amounts of stamp duty during the boom years may be exempt from paying the new property tax, according to reports.

The report in today's Irish Times says it is understood the Government is awaiting the recommendations of an expert report on how best to implement a fair property tax, which would replace the household charge.

The new property tax is due to be introduced next year.

Finance estimates show that in 2006, for example, the exchequer collected more than €1,300m on residential property alone.

Junior Finance Minister Brian Hayes told the newspaper there should be an acknowledgement that many people who bought houses and apartments in the middle of the last decade had generally paid very high stamp duty bills.

It is believed the Government is considering exempting those who paid stamp duty from paying the property tax for a period of time.