Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I wish to make a point about the change made in the Finance Act 2014. Since then, in 2015 the figure was €8.3 billion; in 2016 the figure was €35 billion; and in the first half of 2017 the figure is €11 billion. I interpret that to mean a total of about €55 billion of patent purchases was onshored. All of that money is now in the system. Therefore, a 100% corresponding amount of trading income can be offset by the capital allowances related to that IP. If it was 80% then the sum would be €44 billion. The difference is €11 billion in terms of the amount of related trading income that can be offset by the capital allowances associated with those intangible assets. That is the net issue of what is involved in dropping the axe on budget night or making a retrospective change to take account of the IP that is already in the system since the Minister made the change in the 2014 Act.