Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

These are public companies and we can look at their accounts. For example, Kennedy Wilson has €1 billion of assets in the State and made €26 million in profit in the first six months of the year while paying no tax in the country because it is structured as a qualified investor, alternative investment fund, which has nothing to do with section 110. Is the Revenue aware of that? That is just one example. There is €363 billion worth of assets in qualified investor, alternative investment funds. Not all of it is from economic activity in the State but I have looked at accounts which show that billions of euro worth of assets are being held by these funds. We have had the high profile issue where an ICAV, a form of qualified investor, alternative investment fund, was used by Denis O'Brien. That was reported in the media. How long has the Revenue been aware that this system is being used and that there is economic activity in the State whereby rent is being gathered by these funds from properties in the State while no tax is liable on the back of it or, indeed, on gains where the properties are sold on?