PDs pledge immediate stamp-duty reform after election

The Progressive Democrats are pledging to immediately reform stamp duty on houses if they form part of the next Government.

Launching their pre-election economic proposals today, the PDs said they would make changes to the stamp-duty regime before the Dáil breaks up for the summer.

Party leader Michael McDowell said he would abolish the tax for first-time buyers and introduce thresholds in which the different rates would apply for other purchasers.

This means that homeowners would only have to pay the higher rate on the portion of the house price that exceeds these thresholds, rather than on the entire cost of the property.

Mr McDowell said the proposals would lead to a reduction of more than €8,000 in stamp duty on the average national house price.

Elsewhere, the PD proposals reiterate Mr McDowell's pledge to reduce the standard tax rate to 18% and the higher tax rate to 38%.

The party is also promising to increase the Early Childcare Supplement from €1,000 to at least €2,000 per year.