Pearse Doherty (Donegal, Sinn Fein)
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This is the inequity here. We have seen this. While the current legislation would not allow it to happen the same way, this has happened in terms of the ICAV which has brought much of this to public attention. That is the one Denis O'Brien was operating. Wealthy individuals with the resources can set up an ICAV and transfer their properties to it, leave it there for five years, look at the massive uplift in relation to property value and get away without paying 33% capital gains tax on the assets. These funds are not supposed to be designed for an individual and his partner or a family, they are supposed to be about a number of large investors sharing dividends. There is an abuse here and unless the Government sets a minimum number of investors in order to establish an ICAV, it will continue. People will continue to structure their property into these vehicles to avail of the CGT exemption and other reductions in taxation that result from this.