Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

What I said to the Deputy is correct. In the main the gains are re-invested. That is what property developers and property investment funds do. I take the Deputy's point that one can take a section of land out, use it in isolation and the exemption applies. He is correct to say so. We believe what we are doing is the right thing to do. We can go back and rehash and reargue last year's budget, if the Deputy so wishes. We think that our provision is the best way to deal with the matter.

Everybody here at this committee knows and understands that it is important to have certainty. The provision was introduced last year but we propose to change it this year and it will be in place in January 2019. I think it is the right thing to do at the moment.