Experts: Government stance on Stamp Duty 'a lost opportunity'

The opportunity to make some long-lasting changes in this week's Budget appears to have been missed, according to pension and tax experts Astons.

They believe that the measures on pensions, property and employment smack of "short-term raids and incentives" rather than a longer term realignment of priorities, broadening of the tax base and control of expenditures.

Sonia McEntee, Managing Director of Astons said: "We welcome the Government's commitment to effectively abolish Stamp Duty, one of the most regressive taxes of all, which penalizes families trading-up or trading down in many circumstances.

"It has to be acknowledged, however, that there is a distinct lack of imagination in refusing to let go of this tax altogether, particularly as the Minister has been at pains to point out the exceptional circumstances that currently exist in the economy.

According to the experts, yesterday’s announcement while a positive step in the right direction do not address the pressing issues facing the Irish public in terms of negative equity and falling property values.

Ms McEntee said: "Nor is there any mention of relief for those who have paid Stamp Duty in the past number of years, particularly in the 2006 - 2008 period when the property bubble was at its peak.

"Many of those people now find themselves in negative equity situations, and retaining this duty in any shape or form, without any kind of relief, simply penalises further those in difficulties as a result of purchasing homes at the height of the boom by retaining an unnecessary barrier to any effort to down-size both home and mortgage."