Ms Anne Gunnell:

The Deputy may have heard the point in the previous session with representatives of the OECD. When we talk about taxes that are damaging or have distortionary effects on the tax system, property taxes are the least damaging to economic growth. We are in favour of having a property tax. That is why the LPT should apply to as broad a space as possible. That is where we are talking about it being a stabilising factor. We really welcomed the revaluation of the LPT and the removal of some of the exemptions last year. For example, new builds were previously exempt and have been brought into the tax space. Legislation now provides that the tax will be revalued every four years. The changes made last year have really helped the LPT to be a stable contributor to the Exchequer.