Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister has again refused to answer the question because the facts are terrible for him. These funds, which he ensures pay no corporation tax, and which in some cases have rental income of €61 million, pay no CGT when they dispose of their assets. No other Irish company can enjoy that advantage. No other individual who rents out properties can enjoy it. The Minister, though, has created a nice wee sweetheart deal for these IREFs and REITs. Other landlords will have to pay corporation tax at 25% and there will also be a need to pay CGT. Shareholders in those companies will also have to pay tax on the dividends they get. For these funds, however, no tax is charged on the rental income or on capital gains. They are being allowed to snap up the majority of second-hand properties. That is why GillenMarkets told international investors that current housing policy has benefited institutions and developers at the expense of individual buyers. This is the housing policy of the Government. GillenMarkets continued by stating that "the aim of institutions is to maximise rental income from their properties and developers are designing apartment blocks to maximise this income for the institutions rather than aiming to meet the needs of society". That is the Minister's policy and his legacy.

See this speech in context