Ireland: Long-term lease must be contracted.......Compensation up to €20,000 on if sale during contract period....Tax relief on reduction of rent

Dublin: Apart from the crisis facing the rental market in Ireland, Fr. Peter McQuarrie. As the budget approaches, he is proposing to impose more control and taxes on land owners.

He recommends that tax breaks be given to landlords and rent reducers who rent out houses for long periods of time. He said that there should be a law to provide compensation to the tenant by the sellers in between. Any measures to improve the housing market and the current situation should be considered, he said.

Evictions are common during fixed lease periods. There are various reasons given for this, such as selling, aunt from abroad is coming to stay in the country. This is not acceptable. Strict provisions should be made to avoid this situation. There should be provisions for compensation in case of termination of renting.

Such rules are present in some European nations. Compensation of up to 20,000 euros is due in the event that the rental agreement is discontinued before the end of the rental period. Fr. McVerry made a mention.

There is no capital gains tax in our nation for selling a building that has been held for seven years, according to Fr. McVerry, who said that high prices and tax restrictions are driving landlords out of the market.

According to Fr. McVerry, landlords are leaving the market because to high rent and tax regulations. Selling a building held for 7 years is not subject to capital gains tax in our country.The landowners typically sell their property to generate revenue in this area. Additionally, a provision should be introduced to tax landlords more heavily. Rent tax should be discounted by 50% for renters who cut their payments by 30%. Fr. remarked that both parties will gain from this. McVerry said.