Mr. John Hogan:

I think the broad terms of reference are contained in the Minister's press statement and I shall ask my colleague, Mr. Nolan, for a copy. The press statement reads:

The purpose of the review will be to inform the Minister in relation to any actions he may recommend to Government concerning the overall yield from LPT and its contribution to total tax revenue. The review will be informed by the desirability of achieving relative stability, both over the short and longer terms, in LPT payments of liable persons.

The review will be conducted by the end of August and the group will provide a number of policy choices. In particular, the review will look at the impact on LPT liabilities of property price developments. It will include an examination of the outstanding recommendations of the 2015 Thornhill review of LPT. In terms of the focus, it will primarily involve to those two aspects, namely: where LPT may go as a result of the impact of property prices; and examining the outstanding recommendations from the last Thornhill review in the context of how they could and should be implemented. It will also involve identifying policy options. The Department will also engage in a public consultation process. We will try, in so far as is possible, to inform ourselves about the different ideas that exist in the context of the implementation of the recommendations in question. We anticipate that the public consultation process will form an important part of our early deliberations through the course of the review.