Mr. Derek Moran:

I am not aware of the case raised by the Senator. One must go back to when the second home tax was introduced and where we were and whether raising money from second homes and then making it deductible was a sensible fiscal measure at that time. The principles of taxation generally are that if one has an investment, the taxable income is the income after the expenses, which include the interest on the mortgage and so on. What we have seen is the beginning of the reintroduction of 100% interest relief on investment properties in the income tax system, for example. It is a roadmap out to 100% but it was down to 75%. I am interested in the case but I am not familiar with that one.