Finance minister ignored advice over new stamp duty rules for cuckoo funds

Senior civil servant warned Paschal Donohoe that exempting cuckoo funds from new stamp duty rules would make it impossible for first-time buyers to enter the market

Finance Minister Paschal Donohoe introduced the new rules on bulk-buying last month. File Picture: Colin Keegan

A senior official at the Department of Finance warned the Government that exempting apartments bought by cuckoo funds from a tax increase would make it impossible for first-time buyers to enter the market.

Calls have been made for Finance Minister Paschal Donohoe to explain why he went against the advice of one of his top officials in drafting new stamp duty measures.