Paschal Donohoe (Dublin Central, Fine Gael)
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I am aware of the scale to which the Deputy referred. During the debate on the matter last night, I indicated that one aspect I had asked my Department to examine was the scale of the assets and the effect they have on the property market. I am fully aware of some of the issues to which the Deputy refers. Just because such entities have grown in a certain way in the past does not mean they are guaranteed to grow in that way in future. Nevertheless, I acknowledge that the scale of their growth in recent years has been significant. To reiterate, the reason capital gains tax is not appropriate in this case relates to the fact that we tax on the basis of distributed income. I have concerns about how tax was calculated and paid in the recent past, which is why an important feature of the Bill is an array of compliance measures, designed to address issues I have raised. The Deputy may believe I have not gone far enough but the measures have the correct balance between addressing issues of compliance and acknowledging that the structures have a role to play.

I will keep the matter under review, as will my Department, because I am aware of the challenges of scale. There are levels of tax I expect to be paid.