Joan Burton (Dublin West, Labour) | Oireachtas source

Dealing with shares in a company rather than dealing with the properties themselves is probably one of the best-known mechanisms for arranging tax affairs and mitigating tax in respect of tax schemes. Will the Minister clarify whether he or his officials made an estimate as to what is the likely gain or loss to the Exchequer and over what period or whether it is neutral to the Exchequer? If it relates to the underlying shares, that implies there are groups of shareholders who are potential beneficiaries or who will pay extra tax, we do not know which, as a consequence of this arrangement. Will the Minister also tell us the likely value of the asset portfolios in the companies whose shares the Minister is referencing to make this mechanism available to shareholders in these companies?

When what happened in relation to section 110 was identified, there was absolute agreement across the House that the loophole should be closed and the Minister's predecessor moved to close it. Now the Minister is making an amendment to it. I understand it is complicated. Tax is always complicated. However, it is an absolutely fair demand on the Minister that he would explain to the House what it is and who broadly are the shareholders. Are they likely to be offshore or onshore shareholders? Are they other companies in chains of companies? Are they individual savers? We require an explanation.

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