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

To clarify, this refers to the shares that derive their value from the property. While colleagues may differ in their evaluation of the policy overall, the amendment deals with shares that derive their value from property that are held in section 110 companies.

As for Deputy Boyd Barrett's remarks, we do not tax retrospectively. We differ on that. Regardless of what the asset or the income is, our approach to taxation is to tax from this moment on if we change the law, which is why I am making this change. I do not believe that retrospective taxation would be enabled if the amendment was not passed, as it is such a well-established tenet of how we implement tax policy here. On any benefit that the State will accrue from this amendment, we expect the financial benefit to be exceptionally small as we are not aware of this being used to avoid a tax liability but now that we are aware of the issue I want to change it. On briefing, these amendments have been available for a period of time. I have supplied information and clarification to anyone who has sought it from me. I understand the Committee on Budgetary Oversight has a growing staff, which might be able to assist on matters such as this. I will be happy to engage with the committee or any Deputy on similar issues for next year's Finance Bill to provide clarification in advance.

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