Mr. Charlie Phelan:

On the point that this is new, it is nothing new. We were very surprised given that all of the farmers who had made submissions and sent in their accounts over the years are very compliant in making their tax returns. We were most surprised that people had not included the extra value they got with their trading account and we are absolutely surprised that all of the professional people advising them, who are aware of the bonus shares and the way they were paid, did not include this because we are quite certain it is part of the trading income. In fact, when we issued the letters, there was a need to issue a tax briefing because people were surprised themselves. We found it to be absolutely surprising that this issue was not within the accounts. It is not new at all, in our view, that it is a taxable amount of money.

I do not know what to say about it being a new departure. We do not believe it is a new departure. It is probably a very early stage of our examination of this entire matter, whether it is confined to the agricultural sector or involves other sectors. However, where people get value along with their cash, it is subject to income tax, in our view.