09.12.2009. The Institute of Professional Auctioneers & Valuers expressed deep disappointment at the announcement by the Minister for Finance in the Budget speech of his intention to introduce a property tax in principle.

IPAV Chief Executive Fintan McNamara said the Budget was a missed opportunity to reduce Stamp Duty as a counter balance to any such tax or to introduce any measures to help kickstart the housing market. He said he hoped the issue can be revisited in the upcoming Finance Bill.

"Ireland has one of the highest rates of Stamp Duty in the EU and if a property tax is introduced then there is an onus on the Minister to abolish or significantly reduce Stamp Duty as it is grossly unfair and unjust to have both," he said.

Mr McNamara said he also regretted the decision to abolish mortgage interest relief entirely by the end of 2017 but welcomed the measure to allow those who purchase homes before 1 July 2011 to be able to claim relief at current levels for seven years.

He also welcomed the announcement by the Minister that he is to ask the Financial Regulator to examine an extension of the six month moratorium on legal proceedings already in the bank's Code of Conduct on mortgage arrears.

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