Older people and farmers will take to the streets to protest at any move to hit families with monster tax bills when they sell their home. That’s according to today’s Irish independent.
The plan to impose the 33pc capital gains tax to family homes is one of a number of options outlined by officials to Finance Minister Paschal Donohoe.
The family home is currently exempt from capital gains tax.
There is said to have been a furious reaction to civil servants proposing that this exemption be scrapped in the Budget.
Charging the tax on the sale of family homes would impact on those moving house because they need a larger property for a growing family.
It would also mean older "empty nesters" who decide to downsize would be hit with a massive tax bill.
Chairman of the mortgage committee of the Irish Brokers Association, Michael Dowling, told the paper that people were enraged at the suggestion the sale of the family home could be taxed. He claims “people will take to the streets, as was the case for water charges and the move to take medical cards off the elderly."
Justin Moran, head of advocacy and communications at Age Action, said: "On the one hand we have the Department of Housing exploring ways of encouraging older people who own their homes to downsize and now we have the Department of Finance targeting those older people with a massive tax on the family home.