Government bid to curtail vulture funds 'designed to fail'

Sinn Féin Finance spokesperson Pearse Doherty said 'You have hoisted the white flag over this city and say it’s a free for all for vulture funds.' Picture:Gareth Chaney/Collins

The Government's attempts to end home buyers competing with institutional investors are "designed to fail", the Dáil has been told.

Sinn Féin Finance spokesperson Pearse Doherty made the comments as the Government moved to increase stamp duty on the bulk purchases of homes from 1% to 10% from the tenth home on. The tax increase is part of measures announced on Tuesday to curb the ability of so-called cuckoo funds to buy huge swathes of developments.