Cyprian Brady (Dublin Central, Fianna Fail)

We supported and encouraged entrepreneurs to open businesses. That forms a large part of some of the sections of the Bill, particularly changes in research and development and increasing credits to 25%. This Bill continues to support those businesses and the higher value research and development companies we have managed to grow over the last number of years. We have been in a position to provide graduates from our third-level institutions to take advantage of the progress made in research and development. We have to continue to do that and to improve on it. The competition is not just in Europe and the UK. We compete with Asia, the Far East and the United States, particularly in these high-value, high-end businesses. Countries such as China and India are much farther advanced than they have been in recent times. We must continue to invest in our people. That is what we have done up to now. We have invested in our people and we will continue to do so. This Finance Bill does that.

There are 95 sections in the Bill and six schedules. I listened to the Minister of State, Deputy Mansergh, go through some of the detailed sections but some of the simple changes in the Bill will be extremely effective. There are simple changes in the business expansion scheme and the seed capital schemes. Extending the cut-off date for claims by three months will make a significant difference to businesses starting off and continuing in to the future. It will change those schemes and make them more user-friendly and attractive for people to take advantage of. It is a very small change.

The changes to vehicle registration have been sought for some time. The establishment of a register particularly for secondhand and imported cars is crucially important. In the 1980s and 1990s we went through a spate of importing cheap cars from the Far East, some of which were not safe and caused accidents. Having to register foreign registered cars after 42 days is right because we have had an influx. People have raised this issue with me on a regular basis, particularly regarding foreign-registered cars.

I greatly welcome some of the other details, for instance section 12 provides for an increase in the rate of mortgage interest relief for first-time buyers from 20% to 25% in years one and two and from 20% to 22.5% in years three, four and five. It also provides for a reduction in the rate of mortgage interest relief. This protects people who have been in a position, up to now, to take up a mortgage and buy a house because they were in employment. We should not have to apologise for that. To listen to some commentators one would swear it was an offence to provide housing for people. We have provided record numbers of houses and made them available to people. The market dictated the prices. We managed to get mortgage relief right eventually. This is just another step in that direction.

I welcome the fact that the so-called Cinderella rule is changed by section 13. This takes advantage of the progress people have made in various different professions over the years. It is right that we expect people who have managed to do well and make a lot of money to make a contribution. Nobody would have a problem with that.

There has been much talk on the introduction of the air travel tax. I very much welcome the changes on this in the Finance Bill. When somebody is considering travelling abroad the pain of €10 extra will not change his or her mind. That is the principle behind this. The reduction to the lower rate of €2 for all airports is very much welcomed. People can and will accept this. Over the last number of weeks since the budget it has struck me that a number of people have said they are willing to take some pain to keep us going and to continue to provide services and improve our education and health systems. The Bill is probably one of the most important pieces of legislation the House will introduce.

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