Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Following consultations with the Revenue Commissioners, the Department published a draft amendment to deal with the position in respect of section 110. We also intend the draft amendment to be a consultation document in order that it can be further refined, if necessary, before the finance Bill is introduced.

Separately, the qualifying funds to which the Deputy referred continue to be studied by the Department and Revenue Commissioners. We have reached the point where we believe amending legislation needs to be introduced. However, we have not yet formulated the nature of such amending legislation. While measures will be introduced in the forthcoming finance Bill to deal with the issue the Deputy raised, I cannot yet describe the methodology or content of the amendment because it is work in progress.

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