Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I will not oppose this section but I want to speak to it. This is a very interesting provision that, as I read it, relates to people engaging in the trade of dealing in or developing land. If they negotiate or receive a write-down of their debt or some form of debt forgiveness, that is treated as income in the year in which it takes place.

Is there any concern that this could have wider application for people involved in different trades, for example, those who negotiate a restructuring of their indebtedness or some form of debt forgiveness or write-down and in whose tax calculations this appears as income? While losses carried forward in the trade will be available for use to reduce or eliminate any tax charge which may arise as a result of this measure, could it have wider application? I know this relates to Schedule D income, but for ordinary Schedule E employees who negotiate a write-down of their mortgage, could this be interpreted in any other way or extended to apply in a wider context?