Mr. Michael Tutty:

I will respond to that. We have been trying to get more information on the basis for the estimate contained in the budget documentation.. We have not managed to get the sort of information that we would need. We have no real information. What we were more concerned about - even than whether the estimate for 2018 is correct - was the fact that we are at probably what is a peak of commercial development at present.

There has been a big ramp-up in commercial development in recent years. Activity is unlikely to remain at the current level and is likely to decline in future years. If we were basing our permanent expenditure on cyclical revenues, such as that relating to commercial stamp duty, we would be concerned. We have been discussing corporation tax for some time and we are also worried about regarding the ramp-up in revenue from this tax as permanent. The same arises in respect of stamp duty because there is likely to be a downturn in commercial property in the coming years. That will reduce the yield from this extra stamp duty. While we do not have any firm information on the actual yield for 2018, even if the Department is correct, we would still consider this as a yield that will diminish over time and one which will need to be addressed over time. We have tried to obtain more information on the basis for projections. As we do not have independent information available to us, we do not have anything to say on what the yield will be.