In its Budget 2023 submission ahead of the publication of the Finance Bill 2022, the Law Society also outlines measures to help tackle climate change and keep Ireland competitive internationally.

John Cuddigan, chairperson of the Law Society’s taxation committee, said: “In light of the housing and accommodation crisis we are facing, innovative measures to preserve existing housing supply as well as creating new housing supply should be central to any fiscal policy.”

The measures recommended include broadening the scope of the Help to Buy scheme for home ownership to include refurbishments of existing properties that exist in many town centres in Ireland and extending the ‘living city initiative’ to larger towns to reinvigorate the core areas.

“We also propose measures to encourage the retention of landlords offering properties at sub-market rents in the rental market as well as offering security to tenants in the private rental sector,” Mr Cuddigan said.

“In our Budget 2023 submission, the Law Society has also recommended key measures to tackle climate change, including introducing incentives to retro-fit housing stock, and introduce CGT relief to encourage renovations of older properties in the rental sector to drive behaviour change.”

He added: “Tax incentives have the power to change behaviours, and Ireland now has an opportunity to position itself as a leader countering climate change. This government needs to take hold of this opportunity to maximise public and climate benefit.

“In addition, the Society strongly urges the government to continue to encourage inward investment and development of skills to help grow the economy and keep Ireland competitive internationally.

“Solicitors work alongside members of the public and businesses each day. We understand the key issues facing our clients and how to manage the complexities that taxation can bring.

“We urge the government to consider our recommendations outlined in our Budget 2023 submission and are available for further consultation with the Department of Finance and minister Paschal Donohoe on this matter.”