Mr. Brian Keegan:

I have a quick observation to make. Implicit tax rates are fraught with difficulty. We have a top income tax rate of 41%, but I do not think anybody pays an implicit tax rate of 41% as an income earner. It is somewhere close to 33%. It is almost like the question of how long is a piece of string, as to how it is measured. The Department of Finance did a very good paper some time ago comparing the different ways in which effective rates can be measured against the stated 12.5% rate and the 25% rate. Let us not forget that there is a 25% corporation tax rate for investment income.

I have one other observation on the Deputy's point, if I might.