Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Not really. There are the normal tax deductions, which are business costs. As an analogy, we are applying what we are doing in property to non-property. If a person has the money to open a launderette, café, popcorn stand or sweetshop, he will pay corporation tax on any profits. If he incurs any capital gains, he will pay full capital gains tax, withholding tax will be applied to any post-tax profits and he will incur income tax. That is how it works today. However, if a person opens a really big company, none of those rules apply. We will not charge corporation tax or capital gains tax, although we will charge a withholding tax. That is what this is saying. It is saying that if a person can buy one apartment or open a sweetshop, all the taxes apply. However, if a person is richer than that and able to open a big company or buy 20 apartments, only one of those taxes applies. That is essentially what this is doing.