Mr. John McCarthy:

We do not believe that corporation tax, CT, receipts have plateaued. Our projection, again based on the macroeconomic, independent variables that feed into our model is that we will see CT growth of about 8% for next year. That is based on the growth in profitability, but there are risks to economic growth and if growth is hit then profitability is hit. We have seen that this year, where growth was hit positively, so to speak, because of the various tail-winds that we have seen in the exchange rate, oil prices and so forth. Things could move in the opposite direction but my view is that our macro forecast and as a result our forecast for profitability, which is for growth of 8%, is a reasonable central scenario at this stage. We expect growth in corporation tax receipts of about 8% for next year. I would point out, that comes off the 50% odd that we have seen for this year.