Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome that this loophole will be closed and the way this has happened. In private discussions with the Department's officials, I suggested restricting it to the principal dwelling. With regard to Deputy Burton's amendment, there is value in putting a report together as we need to learn from the past. The information put on the record is new and it is worth quantifying just what has been lost to the Exchequer as a result of this. It has been reported that a whistleblower has made this information available but there is a concern that this has been known for quite a while.

The Minister provided an example where it was clear from the data that there was abuse, with one individual gifting high-value properties to children. Given the conditions that must be satisfied, is there not a case for the anti-avoidance provisions within the Taxes Consolidation Act to have kicked in to stop the abuse? There is no doubt that such a structure was put in place so that people would avoid inheritance tax being placed on their children in the transfer of an asset. Remarks have been made that people have been asleep at the wheel and this has been ongoing for quite a while. Should the appropriate provision of the Taxes Consolidation Act have been used? In such cases, it is clear that an elaborate structure was used by the individual in question at the very least to avoid paying tax to the Irish Exchequer. There is a very strong catch-all provision within the Taxes Consolidation Act that should be applied in such circumstances. Perhaps the Minister could enlighten us as to whether that happened in that or other cases.

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