Ms Josephine Feehily:

We have considered this at a macro level. For example, we know there are approximately 40,000 properties that are stock in trade and almost none of those has had a return filed. They are with receivers and so on but they are exempt, so they are low-risk. A return must be filed at some point but the risk is low. We will not be taking compliance there but we will be phoning the receivers to get lists and returns from them in due course in order to build up the register.

I have a sense of the examples that I will worry about after we do the analysis. There are approximately 100,000 properties that we will have to seriously examine. We know there are many others that are either low-risk, exempt or under a control of one kind or another. The risk group would be less than 5% no matter what the total number is, whether that is 1.9 million properties or 1.95 million properties.