Mr. Tom O'Brien:

I agree with all of what the Deputy mentioned insofar as the housing sector is concerned. I have one clarification, really. Our main issue is the rate of income tax we pay on rents and trying to bring some tax equity into the situation between institutional and private landlords. We also have serious issue with the proposals regarding the capital taxes because capital acquisitions tax is a double tax. People have paid for assets out of after-tax income and to introduce a further 33% at that point is a double tax. The measures that are outlined in the Commission on Taxation and Welfare Vote insofar as taxing a disponer on their debt by virtue of capital gains tax and reducing the thresholds for the beneficiaries will in many cases amount to an effective tax rate on that property of north of 65% on either gift or debt. To my mind, that is totally inequitable. The commission is laced with references to tax equity and nothing in those capital tax measures is equitable from my point of view.