The IPAV welcomes legislation abolishing stamp duty for first-time buyers which has been published by the Government, and is backdated by a month more than previously expected.

The Finance (No 2) Bill is to be fast-tracked through the Oireachtas before the summer recess, and will abolish stamp duty for all first time purchasers, backdated to 31 March.

The issue was pushed to the top of the political agenda before the General Election by the PDs, and Fine Gael and Labour, who promised major reforms for all those paying the tax.

Fianna Fáil's proposals were more modest - the party promised to abolish stamp duty for all first-time buyers, irrespective of whether they were purchasing a new or a second-hand home.

And they said they would backdate the change to cover all deeds presented to Revenue for stamping on or after 30 April.

Today, Tánaiste and Finance Minister Brian Lenihan published his legislation to introduce the changes, which backdates the change even further to cover all instruments executed on or after 31 March 2007.

The bill is to be fast-tracked through the Dáil before the summer recess - the outgoing Seanad may also be recalled to process the legislation in the next couple of weeks.