Ms Kate Levey:

I mentioned specifically in my opening statement that this would be a significant consideration for Revenue. Running two systems in parallel brings with it a particular administrative burden. Introducing new legislation, which would entirely replace our existing corporation tax system for a particular cohort of companies, would also bring with it uncertainties. We have much case law on which we rely for the interpretation of our existing legislation. This has been built up over a number of years. As that would not be there with the new legislation, there certainly would be a bedding-down period regarding the introduction of the new system and an ongoing issue in applying the two sets in parallel.