Martin Ferris (Kerry, Sinn Fein) | Oireachtas source

The Minister is undermining a precedent that has been set, namely, that in the past anybody who had patronage shares and decided to sell them paid capital gains tax at 33%. Now, notwithstanding the outcome of the test case, Revenue is assessing the shares as income. In addition, there is the possibility of double taxation regarding capital gains tax. The situation is a shambles. If the decision of the Appeal Commissioners is in favour of what Revenue is trying to do, the issue will end up going through the courts. I have sympathy for people who are tax compliant and believe themselves to be so, who have paid capital gains tax on the sale of some of their shares, yet the beneficiaries of such shares could face another penalty. It is a very bad signal to send out, particularly in light of what the farming community is trying to do and its contribution to the economy in general.

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