Anxious wait for homeowners, motorists and developers

HOMEOWNERS, motorists and developers will all be waiting anxiously for the publication of the Finance Bill as it is expected to contain details of measures affecting these sectors.

Although mentioned yesterday, Finance Minister Brian Lenihan said the bill will contain further details of a stamp duty “trade-in” scheme and changes to the way car dealers can account for VAT on second-hand cars. It is expected the bill will be published by the end of May.

The Finance Minister said he is establishing the stamp duty scheme to address the overhang of unsold properties. He said the scheme will enable a person purchasing a new house or apartment to trade in their previous property with the seller, who will not be liable to stamp duty until they sell the traded-in property on at a later stage.