Action for Housing shares support for new Tax Bill

Action for Housing (AFH) has shared its support for the Tax Bill which would introduce tax on profits on sales of residential properties.

The Bill would affect residential property sales where the owner holds three or more properties, excluding their primary residence.

The measure also applies to off-plan properties and those indirectly owned, including via trusts or companies, and was first announced by Nigel Feetham, the Minister for Justice, Trade and Industry, during the Budget debate.

Action for Housing said this legislative change would “ensure that housing developments benefit the majority of residents and curb the rampant speculation that has gone unchecked for such a long time and which raises house prices for all”.

“The legislation in question is not as radical as vested interests would have people believe,” Action for Housing said.

“In fact, Action for Housing believes that more initiatives are needed across the whole spectrum of housing in Gibraltar to ensure that the majority of residents are not locked out permanently of accessibility to a home.”

“AFH, therefore, calls on Minister Feetham to introduce much needed radical measures for the benefit of the majority whatever deep pockets they annoy.”