Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

We are talking about the likes of Lone Star, Kennedy Wilson, Cerberus, all these people with whom the Minister's Department, under the management of Deputy Noonan, had 65 meetings in 2013. They swooped in and bought huge amounts of land and property. They will, if I understand this correctly, continue to benefit from section 110 tax relief, which means that if they maintain their investments for a certain period - seven years, I think - they will pay no tax on the rental income or capital gains. Considering that rents have gone up 60% to 70% in that period and property prices have gone up by about a similar percentage, they are walking away with an obscene fortune. Making a distinction between a property and the loans used to purchase property is just semantics because that is what they do: they borrow money to get into Irish property or land and they can then write that off if they are a foreign investor and get massive tax relief. What is shocking is that the Minister cannot quantify it. There is the answer.

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