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

We are familiar with the conversation that has taken place in recent months about property investment funds. A section of the Finance Bill dealing with the issue is being debated in Committee this week and next week to deal with the issue. We published legislation back in September and people had a chance to use that as a consultation document and make comments on it. In addition, where section 110 was used for the legitimate reason for which it was introduced in the first place for securitisation purposes, if the securitisation fund has more than 25% of a property's valuation, then a withholding tax will apply to a distribution. However, there is no crossover between that provision and the dividend withholding tax. Therefore the exemptions available under the dividend withholding tax do not apply. However, we are speaking in a bit of a vacuum because I have filed a new section incorporating a significant number of amendments to the Finance Bill on Committee Stage and it has not yet been discussed. Where it lands is a matter for the House and for the committee in the first instance.

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