Seán Fleming (Laois, Fianna Fail)
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I will move to a few points on page 14. Taxation of real estate investment trusts is mentioned. It states that shareholders are taxed where a real estate investment trust, REIT, pays a distribution in the form of a property income dividend, and the property income dividend paid to a corporate shareholder is subject to a 25.5% rate. It continues to state that the property income dividend paid by a member of a group to another member of the REIT is exempt from corporation tax and that the property income dividend is taxed at 12.5% in the hands of institutional investors such as banks. We have a 25% rate, a 12.5% rate and a 0% rate, an exemption. Will Dr. Keegan flesh that out for me verbally? When I look at taxation of REITs, there are three different tax rates.