Stamp duty abolition benefits wealthiest buyers

THE Government’s abolition of stamp duty for first-time buyers is benefiting the wealthiest in society, with 56 people who bought houses costing over €700,000 making massive savings, according to new figures.

Last night, opposition parties rounded on the minister for finance for introducing a system which was providing a multi-million “windfall for the wealthy”.

Since the introduction of the Finance (No.2) Act exempting first-time buyers from paying stamp duty, over 1,661 people have avoided paying the Government millions in stamp duty. Some 280 people received refunds of between €10,000 and in excess of €100,000.