Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister of State for his reply, which is very similar to the debate we had on Committee Stage, and I acknowledge that. I acknowledge that it would take time to introduce a system of this kind because of the cost involved and the complexity that would necessarily be involved in introducing such a system. However, it is unfair to tax this form of income in a fundamentally different way from how other forms of income are taxed. While there is an exemption for people over the age of 65, for example, whose income lies within the overall income exemption limits for that age category, it still represents a significant burden and the increase in the rate has coincided, as I said, with a collapse in the actual interest rates, so people who have been dependent on interest income are now very badly affected by the combination of both these effects. I will press the amendment. I know the Government will not change its mind, but it is important to flag this as an area that is in need of reform in the future.

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