Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I will get clarity on the point put to me by Deputy Doherty. I am making this change because I want to ensure that we are treating these gains in the right way. The Deputy is asking me a question which I cannot answer now, but I will do so at the latest over the course of the Bill's passage through the Seanad. I do not want to answer it and unintentionally mislead the Deputy or the House.

On the broader point which Deputy Wallace touched on and on which Deputies Doherty and Fitzmaurice agree, I believe the appropriate taxation regime for these gains is the one to which I am changing it. It is consistent with what I am doing elsewhere in the budget. The trade-off that I have had to make, and Deputies disagree with me on it, is because the treatment of these assets and gains was only introduced in the Finance Act 2016. It has only been in operation for a relatively short period. I believe it should change in the way I have outlined but to maintain what I believe is an important part of our tax code, namely, certainty regarding how investment treaty decisions are taxed, I believe the appropriate point at which to introduce this is the beginning of 2019, after which I believe it will be the most effective way of taxing the gains accrued by these entities. I will return to the Deputy with the details in response to his question.

See this speech in context