The Workers’ Party has slammed Fianna Fail proposals to cut Capital Gains Tax (CGT) on the sale of vacant homes as a return to form the party of the property speculator and developer.

Cllr. Éilis Ryan (Workers’ Party, North Inner City Dublin) was responding to a proposal from Fianna Fail Senator Aidan Davitt that the CGT on the sale of vacant homes be cut from 33% for 10% to incentivise their sale.

Cllr. Ryan said:

We are talking about 250,000 properties – that’s a total value of around €53 billion. Slashing the tax on all those sale profits constitutes a massive handout to the sorts of speculators and developers who have held the country to ransom throughout the housing crisis, by letting properties they own lie idle.

They had no interest in selling the properties while prices were low, and now that prices are rising Fianna Fail has stepped up to help them go in for the kill.

Cllr. Ryan concluded:

The move makes Fianna Fáil’s recent attempt to rebrand itself a ‘centre left’ party all the more laughable. On the one hand they are running campaigns for social justice and claiming they scrapped the water charges.

But Senator Devitt has done the public a favour by reminding us all that regardless of rhetoric, Fianna Fail will always be there to ensure that, when the property market gets moving, the favours, tax breaks and handouts will be doled out to the wealthy and the greedy.