Stamp duty for first-time home buyers a ‘national scandal’

THE decision by the Revenue Commissioners that first-time home buyers whose parents pay some of the price are liable for stamp duty will cause huge hardship, according to the Consumers Association of Ireland.

Dermot Jewell, chief executive of the association, described as “a step backward” the announcement by Revenue that buyers whose parents provide part of the purchase price of a house would have to pay the duty.

However, Mr Jewell said major responsibility lay with mortgage lenders as it appeared they were lending to first-time buyers who clearly did not have the ability to repay the loan.