The Ó hAodha "MAGIC FIX"...HOUSING CRISIS

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To the Minister of Housing, Planning and Local Government Eoghan Murphy, the Minister of Finance and public expenditure and reform Paschal Donohoe and An Taoiseach Leo Varadkar.

 

 

The people of Ireland demand that you take control of this completely out of hand housing crisis and immediately implement this “Magic Fix” to our housing crisis sent to us by Éire inniú Anois(ÉIA).

 

                                          The Ó hAodha  "MAGIC FIX"...HOUSING CRISIS

 

The fallout from the Eviction bill has made itself evident all across the country and it's not funding alone that will sort out our housing crisis, it's the complete structure that needs to be changed.

 

ÉIA propose the following...

 

ÉIA believe Irish Property bought by Foreign agents since 2008 should pay 60% tax on gains from sales (foreign vulture tax)

 

ÉIA will introduce an (Irish vulture tax) on gains from sales of property bought since 2008

 

      @25% if over 2 times or 2x the value paid since 2008

      @30% if over 2.5 times or 2.5x the value paid since 2008

      @35% if over 3 times or 3x the value paid since 2008

      @40% if over 3.5times or 3.5x the value paid since 2008

      @50% if over 4 times or 4x the value paid since 2008

 

ÉIA believe property tax should only be paid on properties lying idle, i.e. not for sale or rent.

 

ÉIA will introduce a special Vulture property tax on any properties bought since 2008 that are lying idle @25% of property value paid per year.

 

ÉIA will introduce a RENTAL CAP TFA PLAN(RCTFA) that is up to 2 times or 2x the value of property the landlord/agent bought it for. This will allow a landlord/agent to add their property gains to this annual tax free allowance(TFA) which can be subtracted from gross income leaving their taxable income. However choosing this option will not allow a landlord/agent to add their receipts for wear and tear to their annual TFA.

 

ÉIA will introduce a WEAR AND TEAR TFA PLAN(WATTFA) that is up to 1.5 times or 1.5x the value of property a landlord/agent bought it for. This will allow a landlord/agent to add gains and receipts of wear and tear to this annual tax free allowance which can be subtracted from gross to leave their taxable income.

 

RCTFA example: if mortgage was/is 400euro pm the RCTFA is 2x capped@800euro pm, This will mean that up to 400europm can be added to an annual TFA on Landlord/agent salary/gross income, subtracting this TFA from gross salary will leave taxable income. However landlord/agent will not enjoy the wear and tear tax free allowance and will not be able to add receipts to their annual TFA.

 

WATTFA example: if mortgage was/is 400euro pm the WATTFA is 1.5x capped @600euro pm. This will mean that a landlord/agent will be able to add gains of up to 200europm and all receipts of wear and tear to their annual TFA.

 

Landlord/agent will be able to choose between the 2 rental cap options on a per property basis

 

Any properties where the value paid for is unknown i.e. squatted/acquired without proof of purchase will have to be valued before either rental cap option can be implemented and will be emergency taxed @75% until landlord/agent does get the property valued.  Landlord/agent must choose either one of the 2 rental cap options before getting their property valued.  Emergency tax can be claimed back after property is valued.

 

Landlord/agent that does not adopt either one of the rental cap options will be fined 150,000euro per property and the state will seize their property on a per property basis.

 

With regards to new property builds after this “magic fix” is implemented, the value of the property is the cost of loan/mortgage/build(including interest) and the receipts of all interior appliances/decor etc...up until 1st letting.  All of these together will be considered property value/property paid for.

 

landlord/agent annual TFA can not exceed 25% of gross income

 

 

                                                                         MORTGAGE RULES/EVICTION BILL

 

ÉIA believe...

 

1 - Rental records should be allowed to be shown as proof that one can afford a mortgage.

 

2 - If mortgage holders get into difficulty, the agreed length of loan should be extended to reduce the monthly payments.

 

3 - Children/family members of mortgage holder should be allowed to continue paying the mortgage, if they get into difficulty.

 

4 - The passing of the Eviction Bill just lead to Vulture funds buying our property assets on the cheap, many mortgage holders lost their property, when some other arrangement should have been made. The eviction bill at least needs to be amended.