Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I am satisfied. I would like it to have applied to development land only but I understand that is not possible. I have no problem with the reduction in the timeframe from seven years to four years in respect of the disposal of land. However, I do have a problem with this being applicable to buildings also. A case in point is the hotel which had an uplift of €500 million during the time between its purchase in 2014 and now, which the owners plan to sell next year to raise additional capital for other investment and in respect of which they will have to pay approximately €160 million in taxes as a result of CGT at 33%. As a result of this ruling, when this hotel is sold next year there will be no tax due on the capital gains tax. That does not benefit the housing market.