Some of you reading this are trapped in negative equity. You bought a small apartment around 2005. You paid a fortune in taxes on it. Today, you have kids, and the apartment isn’t suitable to raise your family in. So you need to move. But you can’t sell the apartment. And you can’t buy a bigger home. So you rent the apartment, and rent somewhere to raise your kids. But because of the tax laws, the rent you’re taking in is fully taxed, even though it just covers the rent you’re having to pay out. You’re no better off, but you still get hit with a tax bill for thousands of euro. So you can’t save for a deposit, or to pay down the negative equity.
And on and on it goes. For several years now I’ve been working to get this double taxation dropped. It was never intended, it is grossly unfair, and it is trapping many good families, for years, in financial and housing limbo.
Previously, I was told that it’d just be too complicated to fix. But this week, I made some progress. Here’s a few minutes of interaction at committee state of the Finance Bill. New politics may be short-lived, but it is providing a window in which to help people who have been left behind.
If you’re one of these families, or you know one of these families, or you’re just a decent person who cares about other decent people, then please share this, and contact your elected representatives and tell them it’s something you want sorted. Thank you.