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

I thank Deputies Doherty and Durkan for their comments and questions. It is important to point out the broader application of this measure. Deputy Doherty will be aware of this. He has the most up-to-date number in terms of the number of claimants in respect of residential property for 2021, which is 568; the amount of gain relieved, which was €93.4 million; and the Exchequer cost of that, which is €30.8 million. However, commercial premises, development land, some agricultural land and buildings and other assets are also involved so it covers a range of different sectors, which are set out the table in the same documentation - commercial real estate; forestry; public administration; financial insurance; professional, scientific and technical; construction; wholesale and retail trade; and so on.

It is important to put on the record that this relates to corporates as well as individuals. It is fair to focus in on one aspect of this relief. In effect, it means that after the seven-year period, if the property continues to be held, then the person or corporate returns to the normal CGT system. Therefore, in effect, the relief is capped. They do not have to sell the property. They can continue to hold it but they do so in an environment where they are in the normal CGT system for the remainder of the period of ownership as opposed to that seven-year period when the relief applies.