Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I think I understand, but I am not entirely sure of it. I understand that the amendment refers to any entity that has 25% invested or that could be deemed to be in some way related to property. If that is the case, then the withholding tax applies. Then, we have another category to which, we are told, unless I have misunderstood what is being said, withholding tax does not apply. What the Minister of State seems to be saying is that if there were any chicanery from the IREF, as defined in the amendment, whereby it attempted to transfer to another entity, then it would be caught. Is that what the Minister of State is saying? I am asking something different. I am asking about the exempt categories.