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

I welcome the commitment to publish guidance and also the reassurance the Minister of State has given that the provisions will not impact on bona fide commercial transactions because I know that is not the purpose of the changes introduced. In our economy commercially motivated management buy-outs are an important feature, as are third party SME company purchases and we do not wish in any way to impact on transactions that are commercially motivated. The nature of the anti-avoidance schemes was explained on Committee Stage, which convert what is essentially taxable income into capital gains and thus avoids the payment of CGT using certain reliefs under a certain tax structure. I have no issue with that being addressed and I welcome the commitment and reassurance provided by the Minister of State. I ask that Revenue would monitor the implementation of the measure to address any legitimate concerns that arise that it would in any way impede commercial transactions. On that basis I will withdraw the amendment.

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