Mr. Derek Moran:

No, I think these are real. A very important distinction is that when intellectual property is brought into the country, it has to be treated as a separate trade. Capital allowances do not swamp the core activities of the companies. It is treated as a separate trade. The capital allowances are offset against that and, ultimately, taxed on that base. It probably removes the risk to the corporate tax that has been paid within the jurisdiction. This is real. It is a consequence of what was happening around the BEPS process.