Stephen Donnelly (Wicklow, Social Democrats)
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That is not my understanding. The Minister of State has given the example of the gross roll-up of gains for seven years within a qualified investment fund. On exiting, one is taxed on the capital gains and is not CGT exempt. If the Minister of State and I wanted to set up a property ownership fund rand go out and buy three hotels, we could include it in a qualified investment fund and all of the interest and income and capital related profits would not be subject to a penny of tax for seven years. However, at the end of the seven years, we would pay capital gains tax. That is not the case now and this will exempt us from doing it.