Mr. Charlie Phelan:

By the Revenue Commissioners. There is stamp duty applicable at different rates in the same way as it is applied to land transfers. They are all taxed instruments and we take real values into account. That is the traded element and it has to be agreed by the co-op that a transfer has taken place. We have no evidence of it being denied.

On why we did not look at this issue for years, we are concerned that the number of omissions from income returns is significant. I am concerned that committee members might ask if we should have been looking at it in earlier years, or what we should be doing about it. I was asked about contact with the individuals concerned and the wider community, including representatives, the association and this committee. Fundamentally, there is self-assessment, whereby one fills in a tax return and sends it electronically to the Revenue Commissioners. One declares one's income for the year. We try to-----