Pearse Doherty (Donegal, Sinn Fein)
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I am familiar with that. I am talking about the couple of billion that is in Ireland, particularly the money connected to property. The first lesson in taxation is that property should be taxed in the jurisdiction it is in. However, the structures the Irish fund industry has been able to carve out for itself meant that this was not being taxed at all because of the qualified investor-alternative investment funds. When the new entity was set up we had an exemption from dividend withholding tax on the basis of holding the asset for five years or more. I am interested in whether the association lobbied for that exemption last year.