Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

1 o’clock

I move amendment No. 89:

In page 67, between lines 23 and 24, to insert the following:“25. The Minister for Finance is to report to the Dáil within six months of the enactment of this Act on the projected cost of property-related exemptions from Capital Gains Tax, including the Capital Gains Tax exemption for properties bought between 7 December 2011 and the end of 2014 and held for seven years and the new exemption introduced for IREFs holding property for 5 years introduced under this Act.”.

I will be very brief. This kind of issue has been debated a lot tonight. The amendment is asking for a report to the Dáil on the projected cost of property related exemptions from CGT, including the CGT exemption for properties bought between 7 December 2011 and the end of 2014 and held for seven years and the new exemption introduced in this Bill for IREFs holding property for five years. We believe there is a substantial amount of tax being legally avoided in this manner and will continue to be under the new proposals. That tax is overwhelmingly avoided by much better-off sections of our population. We want to see what the figures are and how much money is involved.

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