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

We need to know why the transition arrangements were not set out in the financial resolution on budget night. I ask the Minister of State to address this if he has not done so already. Deputy Burke set out quite well the consequences of not having such arrangements laid out in order that people might know where they stood. In the meantime the Revenue Commissioners have made further clarifications on this, which I welcome, but which do not far enough in dealing with this issue. There are two options: pay the 6% now and get a 4% refund at some future point without any guarantee of timing or mention of interest; or pay 2% now and not get the stamp certificate until the Finance Act 2017 passes into law sometime around Christmas and the purchaser complies with the proofs needed for the transition arrangements. There are very serious practical difficulties with this. I understand that in the past, generally speaking, transition arrangements were laid out in the financial resolution on budget night.

Can the Minister of State comment on the various proposals that have been set out in the amendments? Some involve a tiered approach whereby the larger transactions would attract the highest rate with a reduced rate for transactions at a lower value. Is it possible to cost such an approach and what would the implications be for the tax yield? Can the Minister of State clarify if this had been factored into the budget?

I welcome the changes made to consanguinity relief. These will go some, though not all the way towards dealing with people's concerns. We will shortly be debating amendments around farm consolidation in situations where there is already a capital gains exemption, and whether or not this might also be extended to stamp duty where the test of consolidation has been met.