Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The only point I add is that when a company looks up the policy on this benefit-in-kind treatment, it will not read committee or Dáil transcripts. Rather, it will look at the Revenue website which sets out the legal position, which is that the exemption is for a one year period. We have a political commitment that it will be there for at least three years.

The reason the Minister gave for not extending it further in the Bill is that there is an overall review of benefit-in-kind in respect of vehicles. I put it to the Minister that he is very unlikely to seek to change this anyway. He has given a commitment that the provision will be in place for three years. He is not going to dilute or remove this incentive in any way. The Minister has an opportunity to provide the certainty that people need.

It will set out the legal and statutory position as enshrined in the Finance Act, and it will say one year. It could influence decisions in a negative way, notwithstanding the political commitment given by the Minister.

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