Mr. John McCarthy:

I will say two things about the LPT. The LPT review that has been announced and which is under way is being led by the Department of Finance. As for what it aims to achieve through that review and the terms of reference that have been set out, the Department expects the review to conclude by the end of August. The Minister for Finance's statement refers to trying to achieve relative stability in the LPT payments of those liable for the tax and to provide clear direction on the likely payments faced by households in 2020. Obviously, a number of issues are live regarding the LPT. As it is based on valuations as of the autumn of 2013, from my recollection, properties completed since then are not within the LPT net at the moment and obviously, valuations to the extent that they may have changed since 2013 will also be relevant. From the Minister for Finance's point of view, there is no predetermined outcome regarding the LPT review. There is a separate issue which is of more concern - or certainly of as much concern - to us, which is, whatever pot of LPT proceeds is available, the manner in which that is distributed between local authorities. I think at this point there is a recognition of this, and we have been looking at this internally and with the Minister. I think there is a recognition that this distribution mechanism also needs to be looked at in parallel with the broader LPT. I am not in a position to say anything more about that second piece at the moment, but the Minister will make an announcement on it very shortly.