Mr. Eoghan Quigley:

Ms Burke has covered everything. The Deputy mentioned that prudence is required. I think everyone will agree with him on that but this is also a time to be proactive.

In terms of Brexit, the UK has a wonderful regime that supports entrepreneurs but it also has a more favourable personal tax regime for Irish entrepreneurs who might want to set up a location in the UK.

In preparing for Brexit, who knows what way it will go? We are exposed in this area, however, because the UK authorities have moved to make the UK much more attractive from a taxation perspective in recent years. Its corporation tax rate is 17%. The UK economy is much larger than our economy and its corporation tax rate is getting closer to our 12.5% rate. To a certain extent we have to mark our closest neighbour in preparing for Brexit because if the UK gets clear of the European Union, as many politicians in the UK wish, it will be free from many of the state aid restrictions that apply to us. We can introduce certain broad based targeted measures to apply to SMEs. In one sense, I would use the term "proactive" rather than "prudent". They are not imprudent and when one gets away from static costings, I have a strong belief, with which most economists would agree, that these targeted capital gains tax measures we are suggesting will yield more tax that they would cost us.