Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

There is a bit of trend here in that nothing has happened in this area for 130 years and then when Sinn Féin produces a Bill the Government undertakes to produce one of its own and to also do something on the taxation end as well. Deputy Mairéad Farrell's Bill on lobbying kick-started the Minister for Public Expenditure and Reform, Deputy Michael McGrath, to produce a Bill in that area. My Bill in regard to moneylenders, which has been kicking around for a number of years, kick-started the Minister for Finance to deal with that issue. There are number other examples from insurance to other issues.

If an idea is a good one, then we should grab it regardless of where it comes from. This amendment seeks only that the Minister would examine this issue in terms of a report. There is no need for a restructuring of the sector. As I said, this is not going to rock the system. It is about exempting from CGT the proceeds from the sale of shares to co-operative structures. I recall that during an engagement I had with the former Minister for Finance, Mr. Noonan, on the introduction of some type of incentive that I thought went too far, his response was that it was okay to introduce and monitor these and, if they do not have the right effect, they can always be amended. That is what we do every year in the finance Bill. This is something that should be considered. As I said, one our nearest jurisdictions, that is, Scotland, is operating an exemption up to a certain threshold. I encourage the Minister to examine that and to get his officials to examine it. We have a tax strategy paper every year. A commitment to look at it in that context would be fair enough. I am disappointed with the response.

Senator Gavan has been championing this issue for many years on behalf of Sinn Féin. I mentioned Scotland. In Spain and elsewhere, there are good examples of how co-operative models can be successful in terms of enterprise and benefits to the local and regional economy, but the model needs help.