Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

I accept that but, essentially, what we are clarifying in law is that there are two different tax regimes. There is one for the ordinary citizen who buys a one-bedroom apartment because he or she pays USC, PRSI and income tax on the rent and full capital gains tax on the sale - if there are any gains.

Then there is a separate tax regime for rich people who can afford the lawyers to put their property assets into funds because they will pay no USC, no PRSI and no capital gains tax although they will pay income tax. At the risk of sounding like my learned colleague, there is, as far as I can see, one law for the rich and one law for everyone else. The average citizen is hit with numerous taxes that fund funds, which is basically how rich people invest and buy property, but the funds are exempt from most of those taxes.