Different variations of these schemes have been in existence in one shape or another since the early 1980s and even though the schemes have, by and large, ended, there is still an ongoing legacy cost to the Exchequer as the various tax reliefs which were originally given are gradually being used up by the investors. The Government has clearly stated in the national recovery plan that in current circumstances it is no longer acceptable that measures abolished as far back as 2006 should continue to cost almost €400 million per annum. We have committed to the phased abolition of these legacy reliefs over the period of the plan.

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